<SEC-DOCUMENT>0001554855-23-000341.txt : 20230504
<SEC-HEADER>0001554855-23-000341.hdr.sgml : 20230504
<ACCEPTANCE-DATETIME>20230504173034
ACCESSION NUMBER:		0001554855-23-000341
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230504
DATE AS OF CHANGE:		20230504

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eve Holding, Inc.
		CENTRAL INDEX KEY:			0001823652
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT [3721]
		IRS NUMBER:				852549808
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-265337
		FILM NUMBER:		23890248

	BUSINESS ADDRESS:	
		STREET 1:		1400 GENERAL AVIATION DRIVE
		CITY:			MELBOURNE
		STATE:			FL
		ZIP:			32935
		BUSINESS PHONE:		(321) 751-5050

	MAIL ADDRESS:	
		STREET 1:		1400 GENERAL AVIATION DRIVE
		CITY:			MELBOURNE
		STATE:			FL
		ZIP:			32935

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Zanite Acquisition Corp.
		DATE OF NAME CHANGE:	20200903
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>MainDocument.htm
<DESCRIPTION>424B3
<TEXT>
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<p style="margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b><font style="font-size: 10.0pt;" lang="EN-US">Prospectus Supplement No. 1</font></b></font></p>
<p style="margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><font style="font-size: 10.0pt;" lang="EN-US"><font style="font-family: 'times new roman', times;">(to Prospectus dated April 26, 2023)</font></font></b></p>
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<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;" align="right"><b><font style="font-size: 10.0pt;" lang="EN-US"><font style="font-family: 'times new roman', times;">Filed Pursuant to Rule 424(b)(3)</font><br><font style="font-family: 'times new roman', times;">Registration No. 333-265337</font> </font></b></p>
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<p style="margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10.0pt;" lang="EN-US">&nbsp;</font><font style="font-size: 9.5pt;" lang="EN-US">&nbsp;</font></p>
<p style="text-align: center; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;" align="center"><font style="font-family: 'times new roman', times;"><b><font style="font-size: 16.0pt;" lang="EN-US">EVE HOLDING, INC. </font></b><b><font style="font-size: 9.5pt;" lang="EN-US"><font style="mso-spacerun: yes;">&nbsp;</font></font></b><b><font style="font-size: 16.0pt;" lang="EN-US"></font></b></font></p>
<p style="text-align: center; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;" align="center"><font style="font-family: 'times new roman', times;"><b><font style="font-size: 9.5pt;" lang="EN-US">&nbsp;</font></b></font></p>
<p style="text-align: center; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;" align="center"><font style="font-family: 'times new roman', times;"><b><font style="font-size: 9.5pt;" lang="EN-US">319,264,425 SHARES OF COMMON STOCK </font></b></font></p>
<p style="text-align: center; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;" align="center"><font style="font-family: 'times new roman', times;"><b><font style="font-size: 9.5pt;" lang="EN-US">&nbsp;</font></b></font></p>
<p style="text-align: center; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;" align="center"><font style="font-family: 'times new roman', times;"><b><font style="font-size: 9.5pt;" lang="EN-US">14,250,000 WARRANTS TO PURCHASE SHARES OF COMMON STOCK </font></b></font></p>
<p style="text-align: center; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;" align="center"><font style="font-family: 'times new roman', times;"><b><font style="font-size: 9.5pt;" lang="EN-US">&nbsp;</font></b></font></p>
<p style="text-align: center; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;" align="center"><font style="font-family: 'times new roman', times;"><b><font style="font-size: 9.5pt;" lang="EN-US">66,845,072 SHARES OF COMMON STOCK UNDERLYING WARRANTS </font></b></font><font style="font-size: 16.0pt;" lang="EN-US"></font><br></p>
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<p style="margin: 0cm 0cm 2pt; text-align: center; border: none; padding: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;" align="center"><font lang="EN-US">&nbsp;</font></p>
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<p style="margin: 2pt 0cm 0cm; text-indent: 24.5pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times;" lang="EN-US">This Prospectus Supplement, dated May 4, 2023 (the &#8220;Supplement&#8221;), supplements the prospectus, dated April 26, 2023, filed by Eve Holding Inc., a Delaware corporation (the &#8220;Company&#8221;), with the Securities and Exchange Commission (&#8220;SEC&#8221;) on April 26, 2023 pursuant to Rule 424(b) under the Securities Act of 1933, as amended, relating to the Registration Statement on Form S-1, as amended (File No. 333-265337) (the &#8220;Prospectus&#8221;), relating to the issuance by the Company of up to 66,845,072 shares of common stock, comprising (i)&nbsp;the shares of common stock that may be issued upon exercise of 11,500,000 outstanding public warrants (as defined in the Prospectus), (ii)&nbsp;the shares of common stock that may be issued upon exercise of 14,250,000 outstanding private placement warrants (as defined in the Prospectus), and (iii)&nbsp;up to 41,095,072 shares of common stock that may be or have been issued upon exercise of the new warrants (as defined in the Prospectus). The Prospectus also relates to the resale by certain of the Selling Securityholders (as defined in the Prospectus) of up to 319,264,425 shares of common stock, comprising (i) 220,000,000 shares of common stock issued in connection with the business combination with the urban air mobility business of Embraer S.A., a Brazilian corporation (<i>sociedade an&#244;nima</i>) (&#8220;Embraer&#8221;), originally issued at a price of $10.00 per share in exchange for Embraer&#8217;s interests in EVE UAM, LLC, (ii) 35,730,000 shares of common stock issued to certain qualified institutional buyers and accredited investors in private placements consummated in connection with the business combination, originally issued at a price of $10.00 per share, (iii) 5,750,000 shares of common stock that were converted in connection with the business combination on a one-to-one basis from Zanite Acquisition Corp. Class&nbsp;B common stock originally issued at a price of $0.004 per share, (iv) 260,000 shares of common stock underlying restricted stock units granted to certain directors and an officer of the Company, (v) 140,000 restricted shares of common stock granted to an officer of the Company, (vi)&nbsp;up to 14,250,000 shares of common stock that may be issued upon exercise of private placement warrants held by certain parties to the Amended and Restated Registration Rights Agreement (as defined in the Prospectus), originally issued at a price of $1.00 per warrant, (vii)&nbsp;up to 41,095,072 shares of common stock that may be or have been issued upon exercise of new warrants that have been issued or are issuable, subject to triggering events, to United Airlines Ventures, Ltd., a Cayman Islands company (&#8220;United&#8221;), and certain Strategic PIPE Investors (as defined in the Prospectus) originally issued in connection with entering into certain commercial arrangements without the payment of any purchase price and (viii) 2,039,353 shares of common stock issued to United in a private placement consummated on September 6, 2022 for a purchase price per share of $7.36 and an aggregate purchase price of $15,000,000. The Prospectus also relates to the resale by certain of the Selling Securityholders of 14,250,000 private placement warrants held by certain parties to the Amended and Restated Registration Rights Agreement, originally issued at a price of $1.00 per warrant. </font></p>
<p style="margin: 5pt 0cm 0cm; text-indent: 24.5pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times;" lang="EN-US">This Supplement is being filed to update and supplement the information contained in the Prospectus with the information from our Annual Report on Form 10-K/A, filed with the SEC on May 4, 2023 (the &#8220;Annual Report&#8221;). Accordingly, we have attached the Annual Report to this Supplement.&nbsp;</font></p>
<p style="margin: 5pt 0cm 0cm; text-indent: 24.5pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times;" lang="EN-US">This Supplement updates and supplements the information in the Prospectus and is not complete without, and may not be delivered or utilized except in combination with, the Prospectus, including any amendments or supplements thereto. This Supplement should be read in conjunction with the Prospectus and if there is any inconsistency between the information in the Prospectus and this Supplement, you should rely on the information in this Supplement.</font></p>
<p style="margin: 5pt 0cm 0cm; text-indent: 24.5pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times;" lang="EN-US">Our common stock and public warrants trade on the New York Stock Exchange under the symbols &#8220;EVEX&#8221; and &#8220;EVEXW,&#8221; respectively. On May 03, 2023, the last quoted sale price for our common stock as reported on NYSE was $8.07 per share and the last quoted sale price for our public warrants was $0.34 per warrant. </font></p>
<p style="margin: 5pt 0cm 0cm; text-indent: 24.5pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times;" lang="EN-US">We are an &#8220;emerging growth company,&#8221; as defined under the federal securities laws, and, as such, may elect to comply with certain reduced public company reporting requirements for this prospectus and for future filings. </font></p>
<p style="margin: 5pt 0cm 0cm; text-indent: 24.5pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><font lang="EN-US">Investing in our securities involves a high degree of risk. Before buying any securities, you should carefully read the discussion of the risks of investing in our securities in &#8220;Risk Factors&#8221; beginning on page 12 of the Prospectus. </font></b><font lang="EN-US"></font></font></p>
<p style="margin: 5pt 0cm 0cm; text-indent: 24.5pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><font lang="EN-US">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if the Prospectus or this Supplement is truthful or complete. Any representation to the contrary is a criminal offense.</font></b></font></p>
<p style="margin: 5pt 0cm 0cm; text-indent: 24.5pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-family: 'times new roman', times;"><b><font lang="EN-US">This Supplement is dated May 4, 2023</font></b></font></font></p>
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<p style="margin:0pt"><br></p><div style="font-family: 'times new roman', times; font-size: 10pt;"><p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p><div style="border-top: #000000 3pt solid; line-height: 3px; border-bottom: #000000 1pt solid; font-size: 3pt; width: 100%; padding: 0in;">&nbsp;</div><p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p><p style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 16pt; font-weight: bold;">UNITED STATES</font><br><font style="font-family: 'Times New Roman'; font-size: 16pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></p><p style="margin: 0px; break-inside: avoid; text-align: center; text-indent: 0px;"><font>Washington, D.C. <font>20549</font></font></p><table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" class="mce-item-table"><tr><td style="width: 30%;"><br></td><td style="width: 40%; border-bottom: 1px solid #000000;"><br></td><td style="width: 30%;"><br></td></tr></table><p style="margin: 10pt 0pt; break-inside: avoid; text-align: center; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 16pt; font-weight: bold;">FORM <font>10-K/A</font></font></p><p style="margin: 10pt 0cm 0cm; text-align: center; font-size: 12pt; font-family: 'Times New Roman', serif;" align="center"><font><b><font style="font-size: 16.0pt;" lang="EN-US">(Amendment No. 1)</font></b></font><font style="font-size: 10.0pt;" lang="EN-US"></font></p><table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" class="mce-item-table"><tr><td style="width: 30%;"><br></td><td style="width: 40%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;"><br></td><td style="width: 30%;"><br></td></tr></table><p style="margin: 10pt 0pt 0pt; page-break-after: avoid; page-break-inside: avoid;"><font>(Mark <font>One</font>)</font></p><div><table style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%" cellspacing="0" cellpadding="0" class="mce-item-table"><tr><td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 31.5pt;"><p style="margin: 0pt;"><font style="font-family: 'MS Gothic'; font-size: 11pt; font-weight: bold;"><font>&#9746;</font></font></p></td><td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 436.5pt;"><p style="margin: 0pt;"><font> ANNUAL REPORT PURSUANT TO SECTION <font>13</font> OR <font>15</font>(d) OF THE SECURITIES EXCHANGE ACT OF <font>1934</font> </font></p></td></tr></table></div><p style="margin: 10pt 0pt 0pt; text-align: center; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">For the fiscal year ended </font><font>December 31, 2022</font><br><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Or</font></p><div><table style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%" cellspacing="0" cellpadding="0" class="mce-item-table"><tr><td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 31.5pt;"><p style="margin: 0pt;"><font style="font-family: 'MS Gothic'; font-size: 11pt; font-weight: bold;"><font>&#9744;</font></font></p></td><td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 436.5pt;"><p style="margin: 0pt;"><font> TRANSITION REPORT PURSUANT TO SECTION <font>13</font> OR <font>15</font>(d) OF THE SECURITIES EXCHANGE ACT OF <font>1934</font> </font></p></td></tr></table></div><p style="margin: 10pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">For the transition period from </font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> to</font><br><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Commission File No.</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><font>001-39704</font> </font></p><table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 17px;" class="mce-item-table"><tr style="height: 17px;"><td style="width: 30%; height: 17px;"><br></td><td style="width: 40%; border-bottom: 1px solid #000000; height: 17px;"><br></td><td style="width: 30%; height: 17px;"><br></td></tr></table><p style="margin: 10pt 0pt 0pt; page-break-inside: avoid; text-align: center;"><font><font style="font-family: 'Times New Roman'; font-size: 16pt; font-weight: bold;">EVE HOL</font><font style="font-family: 'Times New Roman'; font-size: 16pt; font-weight: bold;">D</font><font style="font-family: 'Times New Roman'; font-size: 16pt; font-weight: bold;">ING, INC.</font></font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p><table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" class="mce-item-table"><tr><td style="width: 30%;"><br></td><td style="width: 40%; border-bottom: 1px solid #000000;"><br></td><td style="width: 30%;"><br></td></tr></table><p style="margin: 10pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p><div style="border-left: none; border-right: none;"><table style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%" cellspacing="0" cellpadding="0" class="mce-item-table"><tr><td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 270pt;"><p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><font>Delaware</font></font></p></td><td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 270pt;"><p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><font>85-2549808</font></font></p></td></tr><tr><td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 270pt;"><p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">(State or other jurisdiction of </font><br><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">incorporation or organization)</font></p><p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p></td><td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 270pt;"><p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">(I.R.S. Employer</font><br><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Identification No.)</font></p><p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p></td></tr><tr><td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 270pt;"><p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><font>1400 General Aviation Drive</font></font></p><p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><font>Melbourne</font>, <font>FL</font></font></p><p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p></td><td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 270pt;" rowspan="2"><p style="margin: 0pt; text-align: center;"><font><font>32935</font></font><br><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">(Zip Code)</font></p><p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p></td></tr><tr><td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 270pt;"><p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> (Address of Principal Executive Offices) </font></p></td></tr></table></div><p style="margin: 10pt 0pt 0pt; text-align: center;"><font><font>(321)</font> <font>751-5050</font></font><br><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">(Registrant</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">s telephone number, including area code)</font><br><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Securities registered pursuant to Section</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">&nbsp;</font><font><font>12</font>(b) of the Act:</font></p><div><table style="border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; height: 96px; width: 100%;" width="100%" cellspacing="0" cellpadding="0" class="mce-item-table"><tr style="height: 10px;"><td style="background-color: #ffffff; vertical-align: middle; width: 34%; height: 10px;"><p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt;"> &nbsp; </font></p></td><td style="background-color: #ffffff; vertical-align: bottom; height: 10px;"><p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p></td><td style="background-color: #ffffff; vertical-align: middle; width: 32%; height: 10px;"><p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p></td><td style="background-color: #ffffff; vertical-align: bottom; width: 1%; height: 10px;"><p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p></td><td style="background-color: #ffffff; vertical-align: middle; width: 32%; height: 10px;"><p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p></td></tr><tr style="height: 18px;"><td style="background-color: #ffffff; vertical-align: bottom; height: 18px;"><p style="border-bottom: 1pt solid #000000; margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Title of each class </font></p></td><td style="background-color: #ffffff; vertical-align: bottom; height: 18px;"><p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p></td><td style="background-color: #ffffff; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 18px;"><p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Trading Symbol(s) </font></p></td><td style="background-color: #ffffff; vertical-align: bottom; height: 18px;"><p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p></td><td style="background-color: #ffffff; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 18px;"><p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Name of each exchange on which registered </font></p></td></tr><tr style="height: 34px;"><td style="background-color: #ffffff; vertical-align: top; height: 34px;"><p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>Common Stock, par value $0.001 per share</font></font></p><p style="margin: 0pt; text-align: center;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font>Warrants, each whole warrant exercisable for one share of Common Stock</font></font> </font></p></td><td style="background-color: #ffffff; vertical-align: bottom; height: 34px;"><p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p></td><td style="background-color: #ffffff; vertical-align: top; height: 34px;"><p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>EVEX</font></font></p><p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>EVEXW</font></font></p></td><td style="background-color: #ffffff; vertical-align: bottom; height: 34px;"><p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p></td><td style="background-color: #ffffff; vertical-align: top; height: 34px;"><p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>The New York Stock Exchange</font></font></p><p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>The New York Stock Exchange</font></font></p></td></tr><tr style="height: 17px;"><td style="background-color: #ffffff; vertical-align: top; height: 17px;"><p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p></td><td style="background-color: #ffffff; vertical-align: bottom; height: 17px;"><p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p></td><td style="background-color: #ffffff; vertical-align: top; height: 17px;"><p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p></td><td style="background-color: #ffffff; vertical-align: bottom; height: 17px;"><p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p></td><td style="background-color: #ffffff; vertical-align: top; height: 17px;"><p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p></td></tr><tr style="height: 17px;"><td style="background-color: #ffffff; vertical-align: top; height: 17px;"><p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p></td><td style="background-color: #ffffff; vertical-align: bottom; height: 17px;"><p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p></td><td style="background-color: #ffffff; vertical-align: top; height: 17px;"><p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p></td><td style="background-color: #ffffff; vertical-align: bottom; height: 17px;"><p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p></td><td style="background-color: #ffffff; vertical-align: top; height: 17px;"><p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p></td></tr></table></div><p style="margin: 10pt 0pt 0pt; text-align: center;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Securities registered pursuant to Section</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font><font>12</font>(g) of the Act:</font></font></p><p style="margin: 10pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">None</font></p><div style="border-top: #000000 1pt solid; border-bottom: #000000 3pt solid; line-height: 3px; font-size: 3pt; width: 100%; padding: 0in;"><font style="font-size: 10pt;">&nbsp;</font></div><p style="margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;">&nbsp;</font></p><p><font style="font-size: 10pt;"><font>Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule <font>405</font> of the Securities Act.</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">Yes</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Segoe UI Symbol'; font-weight: normal;"><font>&#9744;</font></font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">No</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="background-color: #ffffff; font-family: 'Segoe UI Symbol'; font-weight: normal;">&#9746;</font></font></p><div><div><table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;" class="mce-item-table"><tr><td class="pgno" style="padding: 0px; text-align: center;"><br></td></tr></table></div><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr><div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br></div></div><p style="margin: 10pt 0pt 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: normal;">Indicate by check mark if the registrant is not required to file reports pursuant to Section</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font><font>13</font> or Section</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font><font>15</font>(d) of the</font><font style="font-family: 'Times New Roman'; font-weight: normal;"> Exchange</font><font style="font-family: 'Times New Roman'; font-weight: normal;"> Act.</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">Yes</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Segoe UI Symbol'; font-weight: normal;"><font>&#9744;</font></font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">No</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="background-color: #ffffff; font-family: 'Segoe UI Symbol'; font-weight: normal;">&#9746;</font></font></p><p style="margin: 10pt 0pt 0pt; text-align: justify;"><font style="font-size: 10pt;"><font>Indicate by check mark whether the registrant (<font>1</font>)</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">has filed all reports required to be filed by Section</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font><font>13</font> or <font>15</font>(d) of the Securities Exchange Act of <font>1934</font> during the preceding <font>12</font> months (or for such shorter period that the registrant was required to file such reports), and (<font>2</font>)</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font>has been subject to such filing requirements for the past <font>90</font> days.</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">Yes</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="background-color: #ffffff; font-family: 'Segoe UI Symbol'; font-weight: normal;"><font>&#9746;</font></font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">No</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Segoe UI Symbol'; font-weight: normal;">&#9744;</font></font></p><p style="margin: 10pt 0pt 0pt; text-align: justify;"><font style="font-size: 10pt;"><font>Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule <font>405</font> of Regulation S-T (&#167; <font>232.405</font> of this chapter) during the preceding <font>12</font> months (or for such shorter period that the registrant was required to submit such files). </font><font style="font-family: 'Times New Roman'; font-weight: normal;">Yes</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="background-color: #ffffff; font-family: 'Segoe UI Symbol'; font-weight: normal;"><font>&#9746;</font></font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">No</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Segoe UI Symbol'; font-weight: normal;">&#9744;</font></font></p><p style="margin: 10pt 0pt 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: normal;">Indicate by check mark whether the registrant is a </font><font style="font-family: 'Times New Roman'; font-weight: normal;">large accelerated</font><font style="font-family: 'Times New Roman'; font-weight: normal;"> filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of </font><font style="font-family: 'Times New Roman'; font-weight: normal;">&#8220;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">large accelerated</font><font style="font-family: 'Times New Roman'; font-weight: normal;"> filer,</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&#8221;</font> <font style="font-family: 'Times New Roman'; font-weight: normal;">&#8220;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">accelerated filer,</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&#8221;</font> <font style="font-family: 'Times New Roman'; font-weight: normal;">&#8220;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">smaller reporting company,</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&#8221;</font><font style="font-family: 'Times New Roman'; font-weight: normal;"> and </font><font style="font-family: 'Times New Roman'; font-weight: normal;">&#8220;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">emerging growth company</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&#8221;</font><font> in Rule <font>12</font>b-<font>2</font> of the Exchange Act.</font></font><br><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">&nbsp;</font></p><div><table style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%" cellspacing="0" cellpadding="0" class="mce-item-table"><tr><td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 25%;"><p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Large&nbsp;accelerated&nbsp;filer </font></p></td><td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 38.46%;"><p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Segoe UI Symbol'; font-size: 10pt;"> &#9744; </font></p></td><td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 29.06%;"><p style="margin: 0pt; text-align: justify;"><font style="font-size: 10pt;"> <font><font style="font-family: 'Times New Roman';">Accelerated&nbsp;fil</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';"><font>r</font></font></font> </font></p></td><td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;"><p style="margin: 0pt; text-align: justify;"><font style="background-color: #ffffff; font-family: 'Segoe UI Symbol'; font-size: 10pt;"><font>&#9746;</font></font></p></td></tr><tr><td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 25%;"><p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-accelerated&nbsp;filer </font></p></td><td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 38.46%;"><p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Segoe UI Symbol'; font-size: 10pt;"> &#9744; </font></p></td><td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 29.06%;"><p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Smaller&nbsp;reporting&nbsp;company </font></p></td><td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;"><p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Segoe UI Symbol'; font-size: 10pt;"> <font>&#9744;</font> </font></p></td></tr><tr><td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 25%;"><p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p></td><td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 38.46%;"><p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p></td><td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 29.06%;"><p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Emerging&nbsp;growth&nbsp;company </font></p></td><td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;"><p style="margin: 0pt; text-align: justify;"><font style="background-color: #ffffff; font-family: 'Segoe UI Symbol'; font-size: 10pt;"><font>&#9746;</font></font></p></td></tr></table></div><p style="margin: 10pt 0pt 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: normal;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font><font>13</font>(a) of the Exchange Act.</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Segoe UI Symbol'; font-weight: normal;"><font>&#9744;</font></font></font></p><p style="margin: 10pt 0pt 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: normal;">Indicate by check mark whether the registrant has filed a report on and attestation to its management</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&#8217;</font><font>s assessment of the effectiveness of its internal control over financial reporting under Section <font>404</font>(b) of the Sarbanes-Oxley Act (<font>15</font> U.S.C. <font>7262</font>(b)) by the registered public accounting firm that prepared or issued its audit report.</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Segoe UI Symbol'; font-weight: normal;"><font>&#9744;</font></font></font></p><p style="margin: 10pt 0pt 0pt; text-align: justify;"><font style="font-size: 10pt;"><font>Indicate by check mark whether the registrant is a shell company (as defined in Rule <font>12</font>b-<font>2</font> of the Exchange Act):</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">Yes</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Segoe UI Symbol'; font-weight: normal;"><font>&#9744;</font></font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">No</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&nbsp;</font><font style="background-color: #ffffff; font-family: 'Segoe UI Symbol'; font-weight: normal;">&#9746;</font></font></p><p style="margin: 10pt 0pt 0pt; text-align: justify;"><font style="font-size: 10pt; color: #000000; margin: 10pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-weight: normal;">The aggregate market value of the registrant</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&#8217;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">s </font><font style="font-family: 'Times New Roman'; font-weight: normal;">common stock</font><font style="font-family: 'Times New Roman'; font-weight: normal;"> outstanding, other than shares held by persons who may be deemed affiliates of the </font><font style="font-family: 'Times New Roman'; font-weight: normal;">r</font><font style="font-family: 'Times New Roman'; font-weight: normal; margin: 10pt 0pt 0pt; text-align: justify;">egistrant, computed a<font style="font-family: 'Times New Roman'; font-weight: normal; font-size: 10pt; color: #000000;">s <font>of June 30, 202</font></font></font><font><font>2</font></font><font style="font-family: 'Times New Roman'; font-weight: normal; margin: 10pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-weight: normal; font-size: 10pt; color: #000000;"> (t</font>he last business day of the </font><font style="font-family: 'Times New Roman'; font-weight: normal;">r</font><font style="font-family: 'Times New Roman'; font-weight: normal;">egistrant</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&#8217;</font><font style="font-family: 'Times New Roman'; font-weight: normal; margin: 10pt 0pt 0pt; text-align: justify;">s most recently completed second fiscal quarter), was approximately<font style="font-family: 'Times New Roman'; font-weight: normal; font-size: 10pt; color: #000000;"> $<font>1,638</font> million.</font></font><font style="font-family: 'Times New Roman'; font-weight: normal; margin: 10pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-weight: normal; font-size: 10pt; color: #000000;">&nbsp;</font> </font><font><br></font></font></p><p style="margin: 10pt 0pt 0pt; text-align: justify;"><font style="font-size: 10pt; color: #000000; margin: 10pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-weight: normal;">As of </font><font style="font-family: 'Times New Roman'; font-weight: normal; margin: 10pt 0pt 0pt; text-align: justify;">Marc<font style="font-family: 'Times New Roman'; font-weight: normal; font-size: 10pt; color: #000000;">h <font>23</font></font></font><font><font style="font-family: 'Times New Roman'; font-weight: normal; font-size: 10pt; color: #000000;">,</font> <font>20</font></font><font><font>2</font></font><font><font>3</font></font><font style="font-family: 'Times New Roman'; font-weight: normal;">, there were </font><font><font>269,094,021</font> </font><font style="font-family: 'Times New Roman'; font-weight: normal;">shares</font><font style="font-family: 'Times New Roman'; font-weight: normal;"> of common stock</font><font>, par value $<font>0.001</font></font> <font style="font-family: 'Times New Roman'; font-weight: normal;">per share,</font><font style="font-family: 'Times New Roman'; font-weight: normal;"> issued and outstanding.</font></font></p><p style="margin: 10pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">DOCUMENTS INCORPORATED BY REFERENCE</font></p><p style="margin: 10pt 0pt 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: normal;">The information required by Part III of this Report, to the extent not set forth herein, is incorporated herein by reference from the registrant</font><font style="font-family: 'Times New Roman'; font-weight: normal;">&#8217;</font><font style="font-family: 'Times New Roman'; font-weight: normal;">s definitive proxy statement relating to the </font><font style="font-family: 'Times New Roman'; font-weight: normal;">a</font><font style="font-family: 'Times New Roman'; font-weight: normal;">nnual </font><font style="font-family: 'Times New Roman'; font-weight: normal;">m</font><font style="font-family: 'Times New Roman'; font-weight: normal;">eeting of </font><font style="font-family: 'Times New Roman'; font-weight: normal;">s</font><font>tockholders to be held in <font>2023</font>, which definitive proxy statement shall be filed with the Securities and Exchange Commission within <font>120</font> days after the end of the fiscal year to which this Report relates.&nbsp;</font></font></p><div><table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;" class="mce-item-table"><tr><td class="pgno" style="padding: 0px; text-align: center;"><br></td></tr></table><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr><div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div></div><p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal;"><br></font></p><p style="text-align: center; break-before: page; margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;" align="center"><b><font style="font-size: 10.0pt;" lang="EN-US">EXPLANATORY NOTE</font></b></p><p style="text-align: center; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;" align="center"><b><font style="font-size: 10.0pt;" lang="EN-US">&nbsp;</font></b></p><div><p style="margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;" lang="EN-US">Eve Holding, Inc. is filing this Amendment No. 1 on Form 10-K/A (&#8220;Amendment No. 1&#8221;) to amend its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the &#8220;Original Report,&#8221; and collectively, the &#8220;Form 10-K&#8221;) solely to include as exhibits the required certifications of its Co-Chief Executive Officers and Chief Financial Officer, which were inadvertently omitted from the Original Report. No other changes have been made to the Original Report.</font></p></div><p style="margin: 0px; text-align: justify; text-indent: 0px;"><br></p><p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal;"><br></font></p><div><div><table style="width: 100%; height: 17px; font-family: 'times new roman'; font-size: 10pt;" class="mce-item-table"><tr style="height: 17px;"><td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><br></td></tr></table></div><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr><div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br></div></div></div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 10pt 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">EVE HOLDING, INC. </font><br><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold;">FORM 10-K FOR THE YEAR ENDED DECEMBER</font><font style="font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-size: 10pt; font-weight: bold;">31, 20</font><font style="font-size: 10pt; font-weight: bold;">22</font></font><br><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">TABLE OF CONTENTS</font></p>
<font style="font-family: 'times new roman', times;">&#8203;</font>
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<td style="height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Bcn2_9AJ5A07YZK00000000000000000000">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">2</td>
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<td style="height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Bp1_4BGUTDS6MO00000000000000000000">PART I.&nbsp;</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">3</td>
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<td style="padding: 0px 0px 0px 10px; height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Bi1_SDOB5U0SV400000000000000000000">Item 1.&nbsp; &nbsp;Business.</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">3</td>
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<td style="padding: 0px 0px 0px 20px; height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Bi1a_1Q2B3DW08000000000000000000000">Item 1.A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk Factors.</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">15</td>
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<td style="padding: 0px 0px 0px 20px; height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Bi1b_AGBP30E2EO00000000000000000000">Item 1.B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unresolved Staff Comments.</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">59</td>
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<td style="padding: 0px 0px 0px 10px; height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Bi2p_METDX8LHK000000000000000000000">Item 2.&nbsp; Properties.</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">59</td>
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<td style="padding: 0px 0px 0px 10px; height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Bi3_KFJQU0457400000000000000000000">Item 3.&nbsp; Legal Proceedings.</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">59</td>
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<td style="padding: 0px 0px 0px 10px; height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Bi4_BD2666B4N400000000000000000000">Item 4.&nbsp; Mine Safety Disclosures.</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">59</td>
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<td style="height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Bp2_0Q386R0ZK000000000000000000000">PART II.&nbsp;</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">60</td>
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<td style="padding: 0px 0px 0px 10px; height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Bi5_R5895XZW2O00000000000000000000">Item 5.&nbsp; Market for Registrant&#8217;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">60</td>
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<td style="padding: 0px 0px 0px 10px; height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Bi6_ZUCJ0ZVC0G00000000000000000000">Item 6.&nbsp; [Reserved].</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">61</td>
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<td style="padding: 0px 0px 0px 10px; height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Bccddee_9WDCT1B9SG00000000000000000000">Item 7.&nbsp; Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations.</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">61</td>
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<td style="padding: 0px 0px 0px 20px; height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Bttccff_QW44ANXCWG00000000000000000000">Item 7.A&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Quantitative and Qualitative Disclosures About Market Risk</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">75</td>
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<td style="padding: 0px 0px 0px 10px; height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Blloopp_STMPFYWCLC00000000000000000000">Item 8. Financial Statements and Supplementary Data</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">77</td>
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<td style="padding: 0px 0px 0px 10px; height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Bkkjjpp_SR1SB1Y2HS00000000000000000000">Item 9.&nbsp; Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">80</td>
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<td style="padding: 0px 0px 0px 20px; height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Bppiiuu_2CS0W4MQUO00000000000000000000">Item 9.A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Controls and Procedures.</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">80</td>
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<td style="padding: 0px 0px 0px 20px; height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Bgghhtt_JH774DOF4G00000000000000000000">Item 9.B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Information.</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">82</td>
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<td style="padding: 0px 0px 0px 20px; height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Bffddrr_AXF4FRMCWW00000000000000000000">Item 9.C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure Regarding Foreign Jurisdictions that Prevent Inspection.</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">82</td>
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<td style="height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Bjjhhnn_6R6BCIWT8G00000000000000000000">PART III.</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">83</td>
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<td style="padding: 0px 0px 0px 10px; height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Byyttrr_XDCQSQW9RK00000000000000000000">Item 10.&nbsp; Directors, Executive Officers and Corporate Governance</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">83</td>
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<td style="padding: 0px 0px 0px 10px; height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Bwweerr_FKMCMD6DXC00000000000000000000">Item 11.&nbsp; Executive Compensation</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">83</td>
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<td style="padding: 0px 0px 0px 10px; height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Brrccvv_G7GI5S83C000000000000000000000">Item 12.&nbsp; Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">83</td>
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<td style="padding: 0px 0px 0px 10px; height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Buuiioo_MND1C25DW000000000000000000000">Item 13.&nbsp; Certain Relationships and Related Transactions, and Director Independence</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">83</td>
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<td style="padding: 0px 0px 0px 10px; height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Booppkk_K0Y3YH2MCW00000000000000000000">Item 14.&nbsp; Principal Accountant Fees and Services</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">83</td>
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<td style="height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Bvfrg_6BNOOM5EVK00000000000000000000">PART IV.&nbsp;</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">84</td>
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<td style="padding: 0px 0px 0px 10px; height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Bsseeww_Y2SYR45H5S00000000000000000000">Item 15.&nbsp; Exhibits, Financial Statement Schedules.</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">84</td>
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<td style="padding: 0px 0px 0px 10px; height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Bqqaaww_WN9WELQYM800000000000000000000">Item 16.&nbsp; Form 10-K Summary.</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">86</td>
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<td style="height: 17px;"><font style="font-family: 'times new roman', times;"><a href="#Baabbcc_DS4IXTYBB400000000000000000000">SIGNATURES</a></font></td>
<td class="bmpageno" style="text-align: center; height: 17px;">87</td>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; font-family: 'times new roman', times;"><font class='pageno'>1</font></font></td>
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<div style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; text-indent: 0px; line-height: 1.2;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bcn2_9AJ5A07YZK00000000000000000000"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</font></a></div>
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<p style="margin: 0pt; text-indent: 30pt; text-align: justify; line-height: 1.2;">This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this Annual Report on Form 10-K, including, without limitation, statements under &#8220;Item 7. Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; regarding our financial position, business strategy and the plans and objectives of management for future operations.&nbsp; In some cases, you can identify forward-looking statements because they contain words such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;contemplate,&#8221; &#8220;continue,&#8221; &#8220;could,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;hope,&#8221; &#8220;intend,&#8221; &#8220;may,&#8221; &#8220;might,&#8221; &#8220;objective,&#8221; &#8220;ongoing,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;predict,&#8221; &#8220;project,&#8221; &#8220;should,&#8221; &#8220;target,&#8221; &#8220;will,&#8221; or &#8220;would&#8221; or similar terms or expressions or the negative thereof., but the absence of these words does not mean that a statement is not forward-looking.&nbsp;</p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 30pt;"><font style="line-height: inherit;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The forward-looking statements contained in this Annual Report on Form 10-K are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a number of</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following risks, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">uncertainties</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and other factors:&nbsp;</font></font></p>
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<td style="width: 5%; text-align: center; vertical-align: top;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></font></td>
<td style="width: 95%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our ability to raise financing in the<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">future;</font></td>
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<td style="text-align: center; vertical-align: top; width: 5%;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></font></td>
<td style="width: 95%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the impact of the regulatory environment and complexities with compliance related to such environment, including<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">changes</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in applicable</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">laws or<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">regulations;</font></td>
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<td style="text-align: center; vertical-align: top; width: 5%;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></font></td>
<td style="width: 95%;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">impact</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of the</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">COVID-19</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: -0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">pandemic;</font></td>
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<td style="text-align: center; vertical-align: top; width: 5%;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></font></td>
<td style="width: 95%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our ability to maintain an effective system of internal control over financial<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">reporting;</font></td>
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<td style="text-align: center; vertical-align: top; width: 5%;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></font></td>
<td style="width: 95%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our ability to grow market share in our existing markets or any new markets we may<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">enter;</font></td>
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<td style="text-align: center; vertical-align: top; width: 5%;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></font></td>
<td style="width: 95%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our ability to respond to general economic<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">conditions;</font></td>
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<td style="text-align: center; vertical-align: top; width: 5%;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></font></td>
<td style="width: 95%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the impact of foreign currency, interest rate, exchange rate and commodity price<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">fluctuations;</font></td>
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<td style="text-align: center; vertical-align: top; width: 5%;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></font></td>
<td style="width: 95%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our ability to manage our growth<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">effectively;</font></td>
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<td style="text-align: center; vertical-align: top; width: 5%;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></font></td>
<td style="width: 95%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our ability to achieve and maintain profitability in the<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">future;</font></td>
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<td style="text-align: center; vertical-align: top; width: 5%;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></font></td>
<td style="width: 95%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our ability to access sources of capital to finance operations and<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">growth;</font></td>
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<td style="text-align: center; vertical-align: top; width: 5%;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></font></td>
<td style="width: 95%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the success of our strategic relationships with third<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">parties;</font></td>
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<td style="text-align: center; vertical-align: top; width: 5%;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></font></td>
<td style="width: 95%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">competition</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">from</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">other</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">manufacturers</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.15pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and operators</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of<font style="line-height: inherit;">&nbsp;</font>electrical vertical take-off and landing vehicles</font> <font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and other</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">methods</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of air</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or ground<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">transportation;</font></td>
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<td style="text-align: center; vertical-align: top; width: 5%;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></font></td>
<td style="width: 95%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">various</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">environmental</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.15pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">requirements;</font></td>
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<td style="text-align: center; vertical-align: top; width: 5%;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></font></td>
<td style="width: 95%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">retention</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or recruitment</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.15pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of executive</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and senior</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">management</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and other</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">key<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">employees;</font></td>
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<td style="text-align: center; vertical-align: top; width: 5%;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></font></td>
<td style="width: 95%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">reliance</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">on services</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to be provided</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">by<font style="line-height: inherit;">&nbsp;</font>Embraer</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and other</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">third</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">parties;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and</font></td>
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<td style="text-align: center; vertical-align: top; width: 5%;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></font></td>
<td style="width: 95%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">other</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">risks</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and uncertainties</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.15pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">described</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in this</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;"> Annual Report on Form 10-K</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">including</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">those</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">under</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8220;</font><font style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-style: italic; line-height: inherit;">Risk</font><font style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-style: italic; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-style: italic; line-height: inherit;">Factor</font><font style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-style: italic; letter-spacing: 0.05pt; line-height: inherit;">s</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8221;</font></td>
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<p style="margin: 0pt; line-height: 1.2; text-indent: 22.5pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The list above is not intended to be an exhaustive list of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">all of</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> our forward-looking statements. Our forward-looking statements are based on information available as of the date of this Annual Report on Form 10-K and current </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expectations, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">forecasts</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and assumptions, and involve a number of judgments, risks and uncertainties. While we believe these expectations, forecasts, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">assumptions</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and judgments are reasonable, our forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as a result of</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> new information, future events or otherwise, except as may be required under applicable securities laws</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
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<div style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; text-indent: 0px; line-height: 1.2;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bp1_4BGUTDS6MO00000000000000000000"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">PART I. </font></a></div>
<p style="margin: 10pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">References in this Annual Report on Form 10-K (this </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Annual Report&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">) to </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">we,&#8221;</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">us,&#8221;</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">our&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> or the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Company&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> are to </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">E</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">ve </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">H</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">olding,</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> I</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit; margin: 10pt 0pt; text-align: justify;">nc.<font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> or the consolidated entity, in certain contexts.</font> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit; margin: 10pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Referen</font>ces to our </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">management&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> or our </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">management team&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> refer to our officers and directors. <br></font></p>
<div style="margin: 12pt 0pt 0pt; break-after: avoid; break-inside: avoid; text-indent: 0pt; line-height: 1.2;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bi1_SDOB5U0SV400000000000000000000"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: bold; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Item 1. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Busines</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">s. </font></a></div>
<p style="margin: 10pt 0pt 0pt; break-after: avoid; break-inside: avoid; text-indent: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Overview </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.9pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve Holding, Inc., a Delaware corporation, is an aerospace company with operations in Melbourne, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Florida </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and Brazil. The Company is a former blank check company incorporated on November 19, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2020, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under the name Zanite Acquisition Corp. (</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Zanite&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) as a Delaware corporation that was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.9pt 0pt 6pt; text-align: justify; text-indent: 20pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are a leading developer of next-generation Urban Air Mobility (</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UAM&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) solutions. We are developing a comprehensive UAM solution that includes: the design and production of electrical vertical take-off and landing vehicles (&#8220;eVTOLs&#8221;); a portfolio of maintenance and support services focused on our and third-party eVTOLs; fleet operations services conducted in collaboration with partners; and a new Urban Air Traffic Management system designed to allow eVTOLs to operate safely and efficiently in dense urban airspace alongside conventional aircraft and drones. We believe we are uniquely positioned to develop, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">certify </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and commercialize our UAM solution on a global scale given our aviation heritage, our strategic relationship with Embraer S.A., a Brazilian corporation (&#8220;<font style="font-style: italic; line-height: inherit;">sociedade anonima</font>&#8221;) (&#8220;ERJ&#8221;), our technology and intellectual property portfolio and the experience of our management team and employees, among other factors. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;">Our eVTOL has successfully completed important development steps, including engineering simulations, subscale test flights, wind tunnel tests and full-scale ground tests, which have enhanced the technological capability and maturity of our eVTOL. <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">We currently expect to reach entry-into-service in 2026. </font>We have also begun validating simulations of our fleet operations services model in Brazil, working with </font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">partners </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and utilizing conventional helicopters, to better understand the needs of passengers, partners and community stak</font>eholders that will benefit from our mobility services. We have also engaged with aviation organizations in various cities including Melbourne, Australia; Rio de Janeiro, Brazil; London, United Kingdom; Chicago, Illinois; and Miami, Florida, to develop and simulate a concept of operation (&#8220;CONOPS&#8221;) to help inform the development of our Urban Air Traffic Management (&#8220;UATM&#8221;) solution. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We plan to market our eVTOLs globally to operators of UAM services, including fixed-wing and helicopter operators, as well as lessors that purchase and manage aircraft on behalf of operators. In addition, we plan to engage with operators of ridesharing platforms to secure committed hours of operation for our eVTOLs. To date, we have established an initial order pipeline of 2,770 vehicles valued at $8.3 billion from 26 launch customers. Our initial order pipeline is based on non-binding agreements and therefore subject to material change, consistent with common aviation practices. We plan to participate in the fleet operations market, in collaboration with operating partners, through various revenue and risk-sharing arrangements. We do not plan to hold eVTOLs on our own balance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sheet and</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"> instead plan to establish

<font style="font-size: 10pt; font-family: 'Times New Roman', serif; line-height: inherit;" lang="EN-US"> partnerships to offer solutions to operating partners. We expect to offer eVTOL service and support capabilities to UAM fleet operators, and we plan to offer our UATM systems primarily to air navigation service providers, fleet operators and vertiport operators. </font><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Business Combination </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0cm 2.45pt 0cm 0cm; text-align: justify; text-indent: 22.5pt; line-height: 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10.0pt;" lang="EN-US">On December 21, 2021, Zanite entered into a Business Combination Agreement (the &#8220;BCA&#8221;) with ERJ, Embraer Aircraft Holding, Inc., a Delaware corporation (&#8220;EAH&#8221;) wholly owned by ERJ, and EVE UAM, LLC, a Delaware limited liability company (&#8220;Eve Sub&#8221;), a former subsidiary of EAH, that was formed for purposes of conducting the UAM Business (as defined in the BCA).</font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On May 9, 2022, Zanite, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our legal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">predecessor </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">company </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and a special </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">purpose </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">acquisition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">company, consummated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">previously </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">announced </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">combination </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with Eve UAM, LLC (&#8220;Eve&#8221;), ERJ and Embraer Aircraft Holding, Inc., a Delaware corporation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and a wholly owned subsidiary of Embraer (&#8220;EAH&#8221;). </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pursuant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">combination, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EAH </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">contributed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and transferred </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to Zanite </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">all </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">limited </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">liability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">company </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">interests </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of Eve held </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in exchange </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">issuance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to EAH </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of 220,000,000 shares </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of Zanite, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and Eve </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">became </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a wholly owned subsidiary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of Zanite. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Zanite </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">simultaneously </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">changed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">name </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Zanite </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Acquisition Corp.&#8221; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve Holding, Inc.&#8221; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">combination </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">was approved </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by Zanite&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stockholders </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a meeting held </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on May 6, 2022. </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Pursuant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">terms </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">BCA</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, dated as of December 21, 2021, by and among Eve, ERJ</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">EAH, and Zanite, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">combination </font><font style="font-family: 'Times New Roman'; line-height: inherit;">was effected </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in three </font><font style="font-family: 'Times New Roman'; line-height: inherit;">steps, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as follows: </font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 17.45pt 0pt 6pt; text-align: justify; text-indent: 20pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
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<td style="height: 51px; vertical-align: top; width: 2.5%;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">1. </font></td>
<td style="text-align: justify; height: 51px; width: 95%;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">The Pre-Closing </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Restructurin</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold; letter-spacing: 0.05pt; line-height: inherit;">g</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">: ERJ </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">effected </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">a series </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of transactions </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">resulted </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in certain assets </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and liabilities </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">related </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to the </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">UAM </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Business (as defined in the BCA) </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">being </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">owned by Eve and its </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">subsidiaries </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in exchange for </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">issuance </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to ERJ </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of a number </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of limited liability company interests of Eve. </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">In connection </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">with such contribution </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of the UAM </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Business, </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">ERJ </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">transferred </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">all </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Eve interests </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">held </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">by it </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to EAH </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in exchange </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the issuance </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of shares </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of common </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">stock </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and non-voting </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">preferred </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">stock </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of EAH. </font></font></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; text-align: right; height: 17px;" valign="top"><br></td>
<td style="height: 17px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">2. </font></td>
<td style="height: 17px; text-align: justify;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">The Preferred </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Stock Sale:</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"> ERJ </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">sold </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to </font>an unaffiliated investor <font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">all </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">such shares </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of EAH </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">non-voting </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">preferred </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">stock </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">an aggregate </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">purchase </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">price </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of $9,973,750. </font></font></td>
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<td style="height: 17px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">3. </font></td>
<td style="height: 17px; text-align: justify;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">The Equity Exchange </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">: At the </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">c</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">losing of the business combination, </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">EAH </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">contributed </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and transferred </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to<font style="line-height: inherit;"> the Company </font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">all </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Eve i</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">nterests </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">held </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">by it </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in exchange </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">issuance </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to EAH </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of 220,000,000 shares </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of common </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">stock. </font></font></td>
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<p style="line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><br></p>
<p style="margin: 0pt 2.45pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">As of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">open of trading </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on May 10, 2022, our common </font><font style="font-family: 'Times New Roman'; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and public </font><font style="font-family: 'Times New Roman'; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; line-height: inherit;">began trading </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">NYSE </font><font style="font-family: 'Times New Roman'; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">symbols </font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">EVEX&#8221;</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">EVEXW,&#8221;</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">respectively. </font></font></p>
<p style="margin: 0pt 2.45pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;"><br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Development of the Urban Air Mobility Market </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; text-align: justify; text-indent: 22.5pt; margin: 0pt 2.45pt 0pt 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Demand for urban air mobility services is being driven primarily by urbanization, increasing traffic congestion and the development of autonomous mobility technologies. According to the United Nations, over half of the world&#8217;s population lives in urban settings. From 2010 to 2040, urban populations are expected to grow 62%, from 3.6 billion to 5.9 billion people, creating a pressing need for new urban transportation solutions. In addition, traffic congestion imposes a significant cost on society in terms of lost productivity, fuel costs and greenhouse gas emissions. According to the U.S. Department of Transportation, congestion in urban road networks is estimated to cost the United States $85 billion per year, which we believe will cause communities to look to air travel for relief from frustrating and costly traffic jams. Finally, we believe that advances in autonomous technologies in ground vehicles are expected to pave the way for autonomous air travel in the future. According to a 2019 report published by Deloitte Touche Tohmatsu Limited titled <font style="font-style: italic;">Autonomous Driving, Moonshot Project with Quantum Leap from Hardware to Software &amp; AI Focus</font>, 33 million autonomous ground vehicles are expected to be sold in 2040, a significant increase from 1 million units expected to be sold in 2025.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"><br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Global initiatives to reduce carbon emissions are driving a trend towards electrification in transportation, creating favorable conditions for UAM development. According to the U.S. Environmental Protection Agency, transportation is the single biggest contributing factor to greenhouse gas emissions in the United States. Fuel costs for both automobiles and aircraft have been increasing steadily in recent years, and fuel costs are the second biggest expense in the aviation industry next to labor costs, according to JPMorgan. Objectives to reduce carbon emissions and save fuel costs are driving rapid growth in electrified vehicles. Based on research by the International Energy Agency, electric and plug-in hybrid electric vehicle sales are expected to increase from 35% of total sales in 2020 to 61% of total sales by 2030. In connection with this growth, rapid advancements in battery technologies used in the automotive sector are opening new applications for electrification in the aviation sector, such as eVTOLs. </font></p>
<p style="font-size: 10pt; line-height: 1.2; text-align: justify; margin: 0pt 2.45pt 0pt 0pt; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; text-align: justify; margin: 0pt 2.45pt 0pt 0pt; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Development of the UAM market is also being fueled by a recognition of a compelling consumer value proposition &#8211; namely the ability to reduce transit times with a mobility service that is priced competitively with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ground transportation alternatives. According to a consumer assessment study that we conducted, 89% of the over 14,000 consumers we surveyed indicated they would utilize UAM services frequently (either daily, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">weekly </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or monthly). In addition, 83% of the consumers we surveyed indicated they would pay a price premium of at least 1.5x over a taxi service to save commuting time by using UAM services. </font></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UAM services also </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have the opportunity to </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">address many of the shortcomings of helicopter operations, bringing the benefits of vertical air transportation to mainstream consumers in an affordable, safe and community friendly manner. We estimate that our eVTOL design could deliver a 65% savings in direct operating costs compared to conventional helicopters on a piloted basis, and an 85% savings after transitioning to autonomous mode in the future. The operating cost advantage of eVTOLs is expected to translate into affordable ticket prices for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">general public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">passengers. In addition, the simplified design and redundant propulsion and electrical systems of eVTOLs are designed to deliver much greater safety levels when compared to helicopters, providing prospective UAM passengers with increased peace of mind. Finally, while helicopters are prohibited from operating near many populated areas due to unacceptable noise generated by their rotors, our eVTOL is designed to generate up to a 90% lower noise footprint compared to helicopters, opening the door for vertiports to be conveniently located within urban settings. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The aforementioned factors are expected to contribute to the development of a new Urban Air Mobility ecosystem, resulting in a significant, new global market opportunity. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">UAM Execution Requirements </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The magnitude of the UAM market opportunity has led to a significant wave of investments from a wide array of industry participants, including aviation incumbents and new, emerging providers. However, industry analysts expect the UAM market will ultimately be led by a more select group of participants, much like the traditional commercial aviation industry. We believe the following factors are essential ingredients to success in the emerging UAM market. </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Optimal Aircraft Design. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">There are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a number of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">eVTOL design configurations currently being pursued, each with trade-offs in terms of performance characteristics, reliability, cost efficiency and ease of certification. For example, tilt rotor designs are optimized for speed and range, but introduce complexities that can make the vehicle more challenging to certify and operate reliably. Multi-rotor aircraft are the simplest to </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">certify, but </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have an extremely reduced payload and range due to their slow speed and battery consumption. Alternatively, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">lift plus cruise&#8221; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">configuration that we have chosen strikes an ideal balance between performance and operating costs, with a simple design that is easy to maintain and straightforward to certify. Given </font><font style="font-size: 10pt; line-height: inherit;" lang="EN-US">the </font><font style="line-height: inherit;" lang="EN-US">substantial investment required to develop and validate eVTOL designs,</font><font style="line-height: inherit;" lang="EN-US"> choosing the right vehicle design for the intended mission is a critical decision that would be extremely difficult for UAM providers to alter in the future. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Certification Experience. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Before any aircraft can operate commercially, providers must receive vehicle type certification from the relevant aviation regulatory authorities. This certification process is extremely complicated, time consuming and challenging, even for well-established aircraft developers. Having experience with the certification process and relationships with the regulatory agencies is, therefore, a key advantage for any UAM participant. But type certification is just one step in the evolution of any aircraft program. Developers must also obtain production certification that authorizes the manufacture of aircraft under the type certificate. This critical step requires a robust quality control system capable of ensuring that each aircraft produced conforms to the approved design. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Solution Breadth. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UAM is an entirely new market, so it is not enough for industry participants to simply design and manufacture an eVTOL. Leading providers will also need to offer a comprehensive solution, either alone or with partners, that addresses fleet operations, maintenance and support, air traffic management systems and ground-based landing and charging infrastructure, among other elements. </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Ability to Scale Globally. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UAM is expected to be a global market, with many of the largest markets for UAM services expected to develop outside of North America. For this reason, successful UAM participants will need to have a worldwide presence and extensive capabilities to serve customers and partners wherever they operate. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Financial Strength. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Given the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">capital-intensive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">nature of the UAM industry, successful participants must have access to sufficient investment capital to grow and expand their operations in advance of expected future revenues and profits. In addition, building a healthy order pipeline will be essential for UAM providers to give customers, partners, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">investors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and other stakeholders confidence in their future prospects. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Our Business Model </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are developing a comprehensive solution that is expected to address each of the major elements required to make UAM services a reality. Key elements of our solution include the following:<br></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">eVTOL Production and Design. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are developing an eVTOL that is optimized for the UAM mission. Our eVTOL employs a lift plus cruise design that features eight redundant rotors that provide lift for takeoff, hover and landing, </font><font style="line-height: inherit;" lang="EN-US">along with a separate forward propulsion system and fixed wing <font style="line-height: inherit;" lang="EN-US">that enables efficient and quiet cruising. </font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our eVTOL is designed to initially accommodate four passengers and a pilot, with the expected ability to transport six passengers without a pilot once autonomous capabilities are introduced. Based on an analysis conducted in collaboration with the Massachusetts Institute of Technology, we expect the range of our eVTOL (100 km at entry into service) will enable us to address 99% of UAM missions within cities and metropolitan areas. Our eVTOL is currently in the early development phase with an expected entry into service in 2026.<br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Service and Support. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We plan to offer a full suite of eVTOL service and support capabilities, including material services, maintenance, technical support, training, ground handling and data services. Our services will be offered on an agnostic basis &#8211; supporting both our eVTOL and those produced by third parties. We expect to leverage the global support network of ERJ to deploy our eVTOL services in an efficient, cost-effective and scalable manner. We recognize that vehicle support services are a vital element to enable UAM services to operate effectively and safely, and that high-quality and responsive support is a key purchasing consideration for our targeted customers.<br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Fleet Operations. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;">We plan to build a fleet operations business in collaboration with selected partners. We do not plan to hold eVTOLs on our balance sheet, build airline operations ourselves or compete with our customers. Instead, we will form revenue and risk sharing partnerships that will allow us to scale our fleet operations in a capital efficient manner and grow rapidly in a partner-by-partner approach. We will contribute to these partnerships our expertise in vehicle design, urban operations and vehicle maintenance, while our partners will contribute their expertise in managing route networks, selling tickets and serving passengers. </font><font style="font-size: 10pt; line-height: inherit;" lang="EN-US">To date we have signed agreements with operating partners to evaluate potential joint fleet operations. </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Urban Air Traffic Management. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are developing a next-generation UATM system to enable eVTOLs to operate safely and efficiently in dense urban airspace along with conventional fixed wing and rotary aircraft and unmanned drones. Our UATM software platform is being developed in partnership with Atech-Neg&#243;cios em Tecnologias S.A., a Brazilian corporation (<font style="font-style: italic;">sociedade an&#244;nima</font>) and wholly owned subsidiary of ERJ (&#8220;Atech&#8221;) &#8211; developer of the air traffic control system used in Brazil and other global markets. We expect to offer our UATM solution primarily as a subscription software offering to customers that include air navigation service providers, fleet operators and vertiport operators. We are currently validating our UATM approach through CONOPS collaborations with stakeholders in Rio de Janeiro, Brazil; London, United Kingdom; Melbourne, Australia; Chicago, Illinois, and Miami, Florida.<br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are responsible for designing and delivering each of the four elements of our solutions listed above. However, a portion of these solutions will be developed with ERJ through the Master Service Agreements (&#8220;MSA(s)&#8221;) and Shared Service Agreement (&#8220;SSA&#8221;) <!--StartFragment --><font>&#8211;</font><!--EndFragment --> (collectively, the &#8220;Services Agreements&#8221;), which will allow us to deliver our solutions more efficiently and cost-effectively. Through these agreements, ERJ will essentially act as subcontractor to Eve, with Eve remaining ultimately responsible for the Integrated Product Development of the eVTOL. Pursuant to the Services Agreements, we will have access to ERJ&#8217;s engineering services, flight test infrastructure, manufacturing resources and established aftermarket network, among other assets, on an as-needed basis at attractive cost-based pricing. In addition, we plan to engage with partners beyond ERJ to assist in delivering our solutions, including our fleet operation services which we plan to design and deliver in collaboration with helicopter and fixed wing operators and ridesharing partners.<br></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a stand-alone entity, Eve is ultimately responsible for the program management of all UAM projects and initiatives, including the services provided by ERJ, as well as the creation and execution of our business plan.<br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve will also be the face to the customer and, as such, is responsible for all aspects of the business&#8217; sales function, including performing market and user research activities, identifying potential exponential technologies, evaluating consumer insights and analyzing the market forces that impact the UAM ecosystem and its players. Using such insights, Eve is directly responsible for creating a cohesive user experience and ultimately implementing this vision to accelerate the growth of the UAM market and our business.<br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve is also responsible for prospecting and engaging new partners across the eVTOL ecosystem-including infrastructure, energy, platform and assets-as well as identifying business innovation and growth opportunities to generate other products and services ideas that complement our UAM solutions. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Finally, Eve will be the primary point of contact with the applicable airworthiness authorities and will lead the related </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">certification activities. As the holder of the eVTOL Type Certification, Eve will be tasked with maintaining the Type Certification throughout the product life cycle.<br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> To date, our business has not generated any revenue, as we continue to develop our eVTOL vehicles and other UAM solutions. As a result, we will require substantial additional capital to develop products and fund operations for the foreseeable future. Until we can generate any revenue from product sales and services, we expect to finance operations through a combination of existing cash on hand, public offerings, private </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">placements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and debt financings. The amount and timing of future funding requirements will depend on many factors, including the pace and results of development efforts. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Our Customers and Partners </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We plan to market our eVTOLs globally to operators of UAM services, including fixed wing and helicopter operators, as well as lessors that purchase and manage aircraft on behalf of operators. In addition, we plan to engage with operators of ridesharing platforms to secure committed hours of operation for our eVTOLs. To date, we have established an initial order pipeline of 2,770 vehicles valued at $8.3 billion from 26 launch </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">customers.</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">1) </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our initial order pipeline is based on non-binding agreements, consistent with common aviation practices. As of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">December 3</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, our disclosed eVTOL launch customer list includes the following: </font></p>
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<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Fixed Wing Operators </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">United Airlines </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"><br></font> </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Republic Airways </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">SkyWest </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">GlobalX </font></p>
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<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Avantto </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Bristow </font></font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Group Halo </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Aviation Helisul </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Avia&#231;&#227;o Nautilus </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Aviation Omni Helicopters </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sydney Seaplanes </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Blade India<br></font></p>
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<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Aircraft Lessors </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Azorra </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Aviation </font></font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Falko Regional Aircraft </font></p>
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<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 105.75pt; height: 67px;">
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Ride Sharing Platforms </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Ascent Flights Global Blade </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Air Mobility Flapper </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Tecnologia </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Helipass </font></font></p>
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<td style="width: 3.27869%; text-align: right; vertical-align: top;" valign="top"><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">1)</font></td>
<td style="width: 1.80324%;"><br></td>
<td style="width: 94.918%;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Our pipeline is based on launch orders (including purchase options) and capacity deals that are non-binding and subject to material change. Capacity deals are converted from annual hourly commitments to vehicles assuming 1,000 hours per vehicle per year. </font></td>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>7</font></font></td>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">To support the development of our fleet operations business, we have established partnerships with </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">operators across the fixed wing, helicopter and ridesharing segments via non-binding agreements. </font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We also recognize that scaling a UAM business requires collaboration from partners spanning the entire ecosystem, including those providing critical technology elements, charging infrastructure, vertiports and financing services. As of December 31, 2022, our partner network includes: </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Technology </font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">BAE Systems </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Rolls-Royce </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Thales Group </font></p>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 90pt; height: 100px;">
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Renewable Energy </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Acciona <br></font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EDP Group </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Florida Power &amp; Light </font></p>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 131.65pt; height: 100px;">
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Vertiports </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Heathrow Airport </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Jetex </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">London City Airport </font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pentastar Aviation </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Rio de Janeiro </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">International </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Signature Aviation </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Skyports </font></p>
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Universal Aviation </font></p>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 77.6pt; height: 100px;">
<p style="font-size: 8pt; line-height: 104%; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Financing </font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">BNDES </font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Bradesco BBI </font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Our Competitive Strengths </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;">We believe the following competitive strengths distinguish us from our competitors and position us for leadership in the developing UAM market:<br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">Optimal Vehicle Design for the Intended Mission. </font>We have chosen a practical and efficient lift plus cruise eVTOL design that features eight rotors</font> for lift, <font style="line-height: inherit;" lang="EN-US">along with a separate forward propulsion system and fixed wing for efficient and quiet cruising. </font><font style="font-size: 10pt; line-height: inherit;">We believe our lift plus cruise configuration provides the range and speed required to address 99% of intra-city and intra-metro missions, with a simple design that avoids complex moving parts like tilt rotors. The simplicity of our design is expected to make our vehicle highly reliable, reducing downtime and maintenance costs. We also expect our eVTOL design to create a clear pathway to achieving Type Certification by utilizing existing fixed wing and rotary aircraft certification criteria.<br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; font-style: italic; line-height: inherit;">Proven Aircraft Certification Experience. </font>We were formed as a business of ERJ - a recognized leader in the aviation sector with a 50-year track record of success. ERJ has successfully certified over 30 aircraft models during the past 25 years &#8211; the most of any aircraft manufacturer. ERJ has proven its ability to certify new aircraft models on time, on spec and under budget. In addition, ERJ has long-standing relationships with global aviation regulatory agencies, with demonstrated success securing &#8220;triple certifications&#8221; from the Civil Aviation Agency of Brazil (Ag&#234;ncia Nacional de Avia&#231;&#227;o Civil &#8211; &#8220;ANAC&#8221;), the U.S. Federal Aviation Administration (&#8220;FAA&#8221;) and the European Aviation Safety Agency (&#8220;EASA&#8221;). We expect to benefit from this history of success, the experience of our team and our strategic partnership with ERJ, which includes support and resources to assist with Type Certification.<br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; font-style: italic; line-height: inherit;">Holistic UAM Solution. </font>We have introduced a comprehensive UAM solution that spans four key pillars: eVTOL design and production, eVTOL maintenance and support, fleet operations and UATM systems. Within each of these areas, we believe we have distinct competencies and advantages that uniquely position us for success. By offering a holistic solution, we believe we can accelerate the development of the UAM market, engage UAM stakeholders at a strategic level to help influence the development of the ecosystem and maximize the value we can deliver to our customers and partners. We also believe that our business segments are highly synergistic, so success in one area will fuel growth in other areas.<br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;"><font style="font-style: italic; line-height: inherit;">Strategic Support from</font> <font style="font-style: italic;">ERJ</font>. </font>We believe our relationship with ERJ will allow us to accelerate and de-risk the development of our UAM solution. Through our Services Agreements with ERJ, we will have access to ERJ&#8217;s vast resources at specified cost-based rates. We will have first-priority access to approximately 5,000 ERJ employees, including 1,600 identified engineers with significant design and aeronautical expertise, with the ability to flex up and flex down resource utilization based on demand. In addition, pursuant to the Services Agreements, we will have a royalty-free license to ERJ&#8217;s background intellectual property to be used within the UAM market. We also believe our partnership with ERJ provides us with a significant cost advantage because we can utilize existing resources, such as flight test infrastructure, on an as-needed basis without incurring the cost of a greenfield investment.<br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">Powerful Partner Network. </font>We have built a global partner network that we believe provides us with significant commercial leverage, broad market access, substantial resources and strong validation of our business prospects. Our partner network includes more than two dozen industry leaders spanning fixed wing and rotary operators, ridesharing platform providers, technology specialists, renewable energy providers, ground infrastructure providers and financing partners. Our partner network is also global in scope, providing us with enhanced access to key UAM markets around the world. As we execute our strategic growth plan, we will continue to broaden and deepen our partner ecosystem and operate in an open and collaborative manner. </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">Significant Revenue Visibility. </font>To date, we have built an order pipeline that consists of 2,770 vehicles valued at $8.3 billion from 26 launch customers based on non-binding agreements. We believe this order pipeline is the largest in the UAM industry in terms of number of vehicles and unique customers.</font><font style="line-height: inherit;" lang="EN-US"> O</font><font style="font-size: 10pt; line-height: inherit;">ur order pipeline provides us with a healthy level of revenue visibility, totaling more than our expected aggregate vehicle shipments over our first four years of planned shipments. The strength of our order pipeline gives us confidence in committing the substantial investments required to commercialize our solution and also reflects favorably on the market perception of our UAM solution. We are focused on further expanding our order pipeline through continued engagement with current and prospective customers. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;"><br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">Highly Experienced Management Team and Board. </font>We have assembled a senior leadership team and board of directors with significant levels of experience in the aviation industry. Our Co-CEO, Gerard DeMuro, has over 40 years of a</font></font><font style="line-height: inherit;" lang="EN-US">erospace and defense experience </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;">and was previously CEO of BAE Systems, Inc. and EVP of General Dynamics. Our Co-CEO, Andr&#233; Stein, has over 25 years of aviation experience, was previously head of strategy for EmbraerX and has led Eve since its inception in 2017 as a business of ERJ. The rest of our senior leadership team has been handpicked from ERJ to join Eve, after having led more than 30 successful aircraft projects over their careers. The individuals who have joined our Board of Directors include: Luis Carlos Affonso, SVP, Engineering, Technology and Strategy at ERJ; Kenn Ricci, former Co-CEO of Zanite Acquisition Corp. and Principal of Directional Aviation Capital; Michael Amalfitano, CEO of ERJ&#8217;s highly successful executive aircraft division; Marion Clifton Blakey, Former CEO of Rolls-Royce North America and Former FAA Administrator; Mar&#237;a Cord&#243;n, Director of the Strategy &amp; Corporate Development department at Acciona, S.A., Paul Eremenko, CEO of Universal Hydrogen and Former CTO of Airbus; Sergio Pedreiro, former Chief Operating Officer of Revlon, Inc. We believe the experience and caliber of our leadership team and Board members is a unique and compelling advantage. </font></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Our Growth Strategy <br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit; margin: 0pt 2.45pt 0pt 0pt; text-align: justify;">The following are key pillars of our growth strategy that we believe will enable us to establish a market leading position in the UAM market:<br></font></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-style: italic; font-weight: bold; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">Combine a Startup Mindset with Established Execution Skills.</font> Eve </font></font><font style="line-height: inherit;" lang="EN-US">has been established </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;">with the goal of providing an ideal combination of the agility and innovation of a technology disrupter with the support and resources of ERJ. As we look to grow and expand our operations, we will seek to leverage this unique culture to attract employees with entrepreneurial styles and arm them with scarce and valuable resources to maximize their effectiveness and impact.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-style: italic; font-weight: bold; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">Utilize Hybrid Innovation Approach.</font> Our partnership with ERJ provides us with a vast portfolio of background intellectual property to utilize on a royalty free basis. We will continue to design our solutions by combining the best of these established technologies with our own, proprietary innovations. For example, our eVTOL design leverages proven, fifth generation fly-by-wire systems developed by ERJ, along with a bespoke man-machine interface developed by Eve. This hybrid design approach allows us to accelerate our development roadmaps, leverage proven technologies and focus our engineering resources on the highest value and most differentiated design elements.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: bold; font-family: 'Times New Roman'; font-style: italic; line-height: inherit;">Follow Established Development and Certification Practices.</font> As we design and certify our eVTOL, we are leveraging approaches that have been proven by ERJ over the last 50 years. For example, we make extensive use of proof-of-concept vehicles and subscale models to allow us to rapidly iterate and test core building blocks to ensure thoroughly vetted subsystems and avoid costly and time-consuming redesign as the vehicle matures. We are also engaging with ANAC in Brazil as the primary certification authority, with a bilateral agreement with the FAA, as ERJ has done successfully over many years. While the FAA will likely be processing multiple eVTOL applications and vehicle types over the next few years, we expect to benefit from a more singular focus by ANAC. </font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit; margin: 0pt 2.45pt 0pt 0pt; text-align: justify;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">Scale Fleet Operations Partner by Partner.</font> We have elected to build out our fleet operations business in collaboration with partners, thereby sharing both revenue and risk. While some UAM participants have indicated plans to build their own flight operations on a city-by-city basis, we have opted instead to scale our fleet services on a partner-by-partner basis, and avoid making costly upfront investments and competing with our prospective customers. For example, we have announced strategic relationships with Republic Airways, SkyWest and United Airlines, with the objective of providing us with rapid and comprehensive coverage of most cities in North America as the UAM market develops. As these partners construct their own UAM operations in collaboration with us, we expect to leverage their investments, resources and expertise. We plan to follow a similar strategy to grow our fleet operations business in other global markets. </font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: bold; font-family: 'Times New Roman'; font-style: italic; line-height: inherit;">Leverage Partnerships and Acquisitions. </font>In order to realize the promise of UAM, we believe partnerships will be essential. We plan to leverage our leading partner ecosystem to accelerate our development and commercialization timelines and to create a more complete, end-to-end UAM solution. We also plan to selectively evaluate opportunities for strategic acquisitions to bolster our organic growth strategy, capitalizing on the acquisition experience of our senior leadership team. <br></font></font></p>
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<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></div>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">eVTOL Technology Considerations </font><br>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;">Our technology platform combines a holistic eVTOL aircraft designed for high performance, low operating costs, zero local emissions, low acoustic footprint and a high level of safety. Our aircraft design choice was informed by a view that complex mechanisms, such as the ones used in tilting rotors or wing, significantly increase the challenge of vehicle certification, in addition to increasing unit and operational costs. Additionally, there is an impact on the safety level of a vehicle by adopting tilting mechanisms due to the increased number of failure conditions that the vehicle may experience. Considering that eVTOLs are expected to primarily conduct short missions in metropolitan areas, these safety disadvantages outweigh any energy-efficiency benefits offered by tilting mechanisms, in our view. Therefore, we believe the lift plus cruise configuration that we selected, along with other design choices that aim to simplify our eVTOL, provides a high level of safety with an optimal balance of performance and operational cost. </font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;"><br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;">The necessary lift for hover flights of our vehicle is generated by eight rotors that are supplied by redundant energy paths from a high-voltage battery. Having this number of independent rotors provides redundancy so the vehicle can be operated safely in the unlikely event a failure renders a rotor inoperative. During horizontal flight, additional safety is provided by the fixed wings, which enable the vehicle to have an extended range after any unlikely pusher failure. These characteristics are essential to achieving the safety level needed to operate as an urban mobility vehicle. </font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;"><br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;">The performance and operating cost of an eVTOL is largely dictated by battery pack performance. It is important to maximize the energy of the battery pack while meeting power demands at a low state of charge and end of life, have a fast charge capability and ensure a long cycle life. Achievement of these objectives is influenced by the choice of cell chemistries to meet the vehicle&#8217;s energy and power needs to perform its mission and by defining a battery architecture that satisfies the vehicle&#8217;s requirements in both normal and abnormal operation (i.e. in the case of failures of electrical propulsion components). Additionally, it is essential that the choice of configuration addresses a balance of features well suited for the mission to be performed. This balance contributes to the robustness of the vehicle in a range of situations that might be encountered during flight operations, including variations in temperature, winds, atmospheric disturbances (including from building wakes or other aircraft traffic), route changes or the need to change destination due to landing zone unavailability. A vehicle that demands high power during hover, for example, will have lower capability to handle the unexpected need of a longer holding period before landing. </font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;"><br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;">Another key criteria of an eVTOL for urban mobility is the noise emitted by the vehicle in operation. The distributed propulsion utilized in our vehicle enables us to reduce the rotor blade tip speeds when compared to helicopters. The blade tip speed is the most important parameter associated with noise generation, followed by blade loading. The configuration chosen for our vehicle enables a large rotor area, which in turn, contributes to lower noise levels than configurations with smaller rotor areas. This approach, combined with the use of electric motors, which are dramatically quieter than internal combustion engines, makes our vehicle quieter than helicopters, bringing benefits to the communities where it will be operated, in addition to the passengers themselves. Additionally, our eVTOL performs the cruise portion of the mission with the rotors turned off, while generating lift from the fixed wing, which significantly decreases vehicle noise during this phase of the flight. Finally, rotor impulsivity, an important contributor to helicopter noise, will not be present in our eVTOL noise signature, which is another significant benefit. </font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;"><br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;">Our eVTOL, as with all eVTOLs with distributed propulsion, requires complex fly-by-wire flight control systems <font style="font-size: 10pt; font-family: 'Times New Roman', serif; line-height: inherit;" lang="EN-US">to provide control and stability</font> in all phases of flight. These systems must be &#8220;closed loop&#8221;, meaning that the pilot commands a response from the vehicle and the control system employs the control surfaces at the necessary rate and deflection for that vehicle response to be achieved and maintained while the pilot maintains the command. Eve and ERJ are uniquely positioned to build eVTOL fly-by-wire control systems based on the experience gained through the development and certification of several conventional aircraft employing similar systems. In these projects, ERJ has been able to increase passenger comfort as well as vehicle safety and performance through the use of fly-by-wire control systems, a technology that we will also leverage in our eVTOL development. </font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;"><br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;">Finally, our vehicle will begin its operations with a pilot onboard and evolve to an autonomous vehicle once the maturity level of the technology of both onboard systems and air traffic management systems support autonomous flights. We believe that initiating operations with a pilot onboard increases safety and robustness in an ecosystem that will be under development with respect to the air traffic management and technology employed in the vehicles. As the technology, vehicle and ecosystem evolve, pilot functions are expected to be gradually assumed by the aircraft systems, decreasing pilot workload until the fully autonomous operation of the vehicle can be executed, both safely and effectively.<br></font></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: left;"><font style="line-height: inherit;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Research and Development </font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;"><br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;">We are conducting extensive research and development to produce our eVTOL. Today, a significant portion of our team is </font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;">focused on the development and testing of our concept vehicles <font style="font-size: 10pt; font-family: 'Times New Roman', serif; line-height: inherit;" lang="EN-US">and subsystems</font>. These aircraft <font style="font-size: 10pt; font-family: 'Times New Roman', serif; line-height: inherit;" lang="EN-US">and test rigs serve </font>as technology development testbeds to evaluate candidate system architectures and components for our certified production aircraft. Additionally, we are performing research and development on battery systems and other electric powertrain components in order to maximize the performance of the aircraft through lab bench and rig tests. We are also investing significant effort in simulations, including with pilots in the loop in our development simulator. </font></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Manufacturing</font> </font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-weight: normal; font-family: 'Times New Roman'; line-height: inherit;"><font style="line-height: inherit;" lang="EN-US">To support our manufacturing needs, we have entered into a MSA and a SSA with ERJ and a MSA with Atech, pursuant to which Eve will be able to secure, among other things, manufacturing support and software development services from ERJ and its subsidiaries </font><font style="line-height: inherit;" lang="EN-US">for an initial term of 15 years. </font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;"><br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;">We plan to initially develop our proof-of-concept vehicles, testbeds, simulators and other testing tools in one of ERJ&#8217;s existing facilities in Brazil in collaboration with local suppliers. The development and manufacturing of our initial flight-test prototypes and, ultimately, the beginning of our aircraft series production is also expected to take place in one of ERJ&#8217;s existing facilities. </font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;"><br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;">As our business grows, we plan to transition the serial manufacturing of our aircraft to our own manufacturing modules. The number of modules in operation will be based on anticipated customer demand. The location of our manufacturing modules will be based on economic factors as well as proximity to customer markets.<br></font></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Intellectual Property </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our success </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">depends, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in part, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">upon our ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to protect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our core </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">technology </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and material </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">intellectual property. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">To establish </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and protect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our proprietary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rights, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we rely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on a combination </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of intellectual </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">property </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rights (e.g., </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">patents, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">patent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">applications, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">trademarks, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">copyrights, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and trade </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">secrets, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">know-how and expertise) and contracts </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(e.g., </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">license </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">agreements, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">confidentiality </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and non-disclosure </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">agreements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with third </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">parties, employee </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and contractor </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">disclosure </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and invention </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">assignment </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">agreements, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">similar </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">contractual </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rights). </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2; text-align: left; text-indent: 25pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of December </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">31, 2022, we had </font>four <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">issued </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or allowed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">patents </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which one is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a U.S. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">filing) </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; margin: 0pt; text-align: left; text-indent: 25pt;">an<font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">d </font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;">26 </font>pending </font><font style="line-height: inherit;">patent </font><font style="line-height: inherit;">applications </font><font style="line-height: inherit;">(of </font><font style="line-height: inherit;">which five </font><font style="line-height: inherit;">are </font><font style="line-height: inherit;">U.S. </font><font style="line-height: inherit;">filings) </font><font style="line-height: inherit;">primarily </font><font style="line-height: inherit;">related </font><font style="line-height: inherit;">to eVTOL </font><font style="line-height: inherit;">vehicle </font><font style="line-height: inherit;">technology. Our patents </font><font style="line-height: inherit;">and patent </font><font style="line-height: inherit;">applications </font><font style="line-height: inherit;">are </font><font style="line-height: inherit;">directed </font><font style="line-height: inherit;">to, among </font><font style="line-height: inherit;">other </font><font style="line-height: inherit;">things, </font><font style="line-height: inherit;">configurations </font><font style="line-height: inherit;">for </font><font style="line-height: inherit;">eVTOL </font><font style="line-height: inherit;">aircraft, eVTOL </font><font style="line-height: inherit;">aircraft </font><font style="line-height: inherit;">rotor </font><font style="line-height: inherit;">control </font><font style="line-height: inherit;">for </font><font style="line-height: inherit;">performance </font><font style="line-height: inherit;">and safety, </font><font style="line-height: inherit;">and a control </font><font style="line-height: inherit;">system </font><font style="line-height: inherit;">for </font><font style="line-height: inherit;">eVTOL </font><font style="line-height: inherit;">aircraft. </font><font style="line-height: inherit;">As of December </font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; margin: 0pt; text-align: left; text-indent: 25pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">31, 2022, we had<font style="line-height: inherit;"> 40</font> tr</font>ademarks </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">granted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and three </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">trademark </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">registrations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have been deferred </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U.S. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Patent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and Trademark </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Office </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pending </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">proof </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of use, as well </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as nine </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">trademark </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">registrations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pending </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U.S., </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">European </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Union and Brazil. </font></p>
<p style="line-height: 1.2; margin: 0.3pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 9.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 12.75pt 0pt 5pt; text-align: justify; text-indent: 20pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">We regularly review our development efforts to assess the existence and patentability of new inventions, and we are prepared to file additional patent applications when we determine it would benefit our business to do so.</font></p>
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<p style="margin: 10pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Governmental Regulation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0cm 2.45pt 0cm 0cm; text-align: justify; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; color: #ff0000; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;" lang="EN-US"><font style="font-family: 'Times New Roman'; font-size: 10pt; color: black; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; ;color: black;">We have applied to ANAC, as the primary aviation authority, to certify our aircraft, and plan to subsequently apply to FAA and EASA as validating authorities of the primary certification. Eve may pursue certification in other countries after these three certifications have been obtained, if obtained at all. We will be supported in this process by ERJ, which has vast experience certifying fixed wing aircraft with ANAC, FAA and EASA. Using this experience, together with our strategies to accelerate the development of new products and technologies, we are confident in meeting our proposed certification schedule.</font> </font></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On February 3, 2022, ANAC accepted Eve<font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;">&#8217;</font></font>s eVTOL Type Certificate application establishing the certification basis requirements under the performance-based Brazilian Civil Aviation Regulation (RBAC) no. 23 with other requirements or special conditions added to cover all aspects of the mission profile. Eve<font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;">&#8217;</font></font>s eVTOL certification basis is also being discussed with the FAA (as the validating aviation authority), with the expectation to also have the performance-based requirements from 14 CFR Part 23 (amendment 64) as the validating certification basis. EASA SC-eVTOL is applied as category enhanced for commercial purposes in the European market and Eve is working to have a common certification basis with the main aviation auth</font>orities under <font style="line-height: inherit;" lang="EN-US">bilateral and/or multi-later</font><font style="line-height: inherit;" lang="EN-US">al agreements.&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">All aspects of our eVTOL operations are being developed in alignment with current aerospace and transportation regulations worldwide. We are working closely with ANAC, the FAA and EASA to achieve full compliance of all requirements under the applicable certification basis. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Historically, ERJ has successfully achieved certification with all three of these agencies, with additional certifications achieved in other countries as needed. Eve may pursue certification in other countries after the three main certifications have been obtained.<br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">According to the guidelines defined in FAA&#8217;s Order 8110.4C (Type Certification) and ANAC&#8217;s instructions, the certification basis proposal for the ANAC and FAA applications for an aircraft&#8217;s type certificate shall be made under 14 CFR Part 21.17(a) considering the 14 CFR Part 23 (amendment 64) as applicable airworthiness requirements, including equivalent level of safety (ELoS) and proposed special conditions from 14 CFR Part 27 applicable to vertical take-off and landing characteristics. The Issue Paper G-1 (FAA) for certification basis, designating the applicable airworthiness and environmental regulations (especially regarding noise pollution), that must be met for certification, as stated in 14 CFR Part 21, has not yet been issued and will be proposed in a timely manner according to the definition order of applications for Type Certification process mentioned above.<br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The limitations of operations will be established as a part of the certification process. We anticipate that such limitations will exclude flights into known icing conditions from the initial operational envelope. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We will be supported by ERJ, which has vast experience certifying fixed wing aircraft with ANAC, FAA and EASA. Using this experience, together with our strategies to accelerate the development of new products and technologies, we intend to meet our proposed certification schedule.<br></font></p>
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<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Competition </font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
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<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">primary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sources </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of competition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">following: </font></p>
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<td style="height: 17px; width: 3.5%; text-align: center; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="height: 17px; width: 93%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Focused UAM </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">developers, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">including: </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Archer </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Aviation, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Beta Technologies, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Ehang,</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"> Joby Aviation, Lilium, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Vertical </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Aerospace, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Volocopter </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and Wisk; </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and </font></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; text-align: right;"><br></td>
<td style="height: 17px; text-align: center; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="height: 17px;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Established </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">aerospace </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and automotive </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">companies </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">developing </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">UAM </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">businesses, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">including: </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Airbus, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Bell </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Textron, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Honda </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and Hyundai. </font></td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px;"><br></td>
<td style="height: 10px;"><br></td>
<td style="height: 10px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><br></td>
<td style="height: 17px;" colspan="2"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">In addition, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">we are </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">likely </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to face </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">competition </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in our specific </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">business </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">segments </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">following: </font></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; vertical-align: top; text-align: right;" valign="top"><br></td>
<td style="height: 17px; text-align: center;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="height: 17px;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Fleet </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">operations </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8211; Fixed wing and helicopter </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">operators </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">do not partner </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">with </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">us; </font></td>
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<tr style="height: 17px;">
<td style="height: 17px; vertical-align: top; text-align: right;" valign="top"><br></td>
<td style="height: 17px; text-align: center;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="height: 17px;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Service </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and support </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8211; Airbus, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Bell </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Textron </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and The Boeing Company which have built </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">extensive service </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and support </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">networks </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">compete </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">with our<font style="line-height: inherit;">&nbsp;</font>eVTOL </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">support </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">services </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">future; </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and </font></td>
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<td style="height: 17px; vertical-align: top; text-align: center;" valign="top"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="height: 17px;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">UATM </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8211; </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">A number </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">companies </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">developing </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Unmanned Traffic </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Management </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">(UTM) systems designed </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to manage </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">unmanned </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">drone </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">flights, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">which if </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">enhanced </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to a higher </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">level </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of safety </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">standard, could </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">potentially </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">compete </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">with our UATM </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">system </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">future. </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">However, we do not believe </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">UTM systems </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">currently </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">designed </font>to perform at the same level of safety, capability and assurance that regulators and the traveling public expect from air traffic management software used for piloted, passenger-carrying aircraft.<br></td>
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<td style="height: 17px;" colspan="2"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">We believe </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">primary </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">factors </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">drive </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">success </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">UAM </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">market </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">include </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">following: </font></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; vertical-align: top; text-align: right;" valign="top"><br></td>
<td style="height: 17px; text-align: center;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="height: 17px;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">performance </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of our<font style="line-height: inherit;">&nbsp;</font>eVTOL </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">relative </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to both competitive </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">eVTOL </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and traditional </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">aircraft; </font></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; vertical-align: top; text-align: right;" valign="top"><br></td>
<td style="height: 17px; text-align: center;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="height: 17px;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">ability </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to certify </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in a timely </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">manner; </font></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; vertical-align: top; text-align: right;" valign="top"><br></td>
<td style="height: 17px; text-align: center;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="height: 17px;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">ability </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to manufacture </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">efficiently </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">scale; </font></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; vertical-align: top; text-align: right;" valign="top"><br></td>
<td style="height: 17px; text-align: center;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="height: 17px;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">ability </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to partner </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">with certified </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">third </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">parties </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to operate </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our and third </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">parties&#8217;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">eVTOL </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and scale </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">service </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">adequately </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to offer </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">affordable </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">end-user </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">pricing; </font></td>
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<td style="height: 17px; vertical-align: top; text-align: right;" valign="top"><br></td>
<td style="height: 17px; text-align: center;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="height: 17px;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">ability </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to offer </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">UAM </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">services, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">directly </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or indirectly </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">by partnering </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">with third </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">parties, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and routes </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">that provide </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">adequate </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">value </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">customers; </font></td>
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<td style="vertical-align: top; text-align: right; height: 17px;" valign="top"><br></td>
<td style="height: 17px; text-align: center;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="height: 17px;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">ability </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to develop </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or otherwise </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">capture </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">benefits </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of next-generation </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">technologies; </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and </font></td>
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<td style="height: 17px; text-align: center;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="height: 17px;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">ability </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to deliver </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">products </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and services </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">a high-level </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of quality, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">reliability </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and safety. </font></td>
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<p style="margin: 12pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Human Capital </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of December </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">31, 2022, we had 149 full-time </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">employees, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">52 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of which were members </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our engineering </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">workforce. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">still </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">process </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of transitioning </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">employees </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ERJ </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to Eve and expect this </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">process </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to continue </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">throughout </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2023. We also </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">note </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our direct </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">headcount </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">does not include </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">up to </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5,000 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ERJ </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">employees, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,600 identified </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">engineers, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we have </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">first </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">priority </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">access </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">MSA</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with ERJ. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our strategy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to maintain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a lean </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and agile </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">direct employee </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">team </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve, focused </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on high value </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">engineering, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">project </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">management </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">development functions, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">supplemented </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by a larger </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pool of ERJ </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">employees </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">available </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to us on a flexible </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and cost-effective basis </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pursuant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">MSAs.</font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>13</font></font></td>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In Brazil, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">all </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our employees </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">unionized. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">According </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">labor </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">laws, salary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">readjustments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">clauses </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">negotiated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in collective </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">bargaining </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">agreements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">extend </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to all </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">employees </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">covered </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by such clauses. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we have good relationships </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with our employees </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and have not experienced </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any interruptions of operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">due to labor </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">disagreements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with them. </font></p>
<p style="margin: 12pt 0pt 5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Diversity and Inclusion </font></p>
<p style="margin: 12pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We encourage employee engagement with affinity and employee resource groups as well as seminars to discuss gender, age, ethnicity, disability and LGBTQIA+ issues. We are focused on building support across all teams and individuals, ensuring everyone has a voice and treats others with respect. </font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Our Commitment to Environmental, Social and Governance Leadership </font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">By developing an efficient, electric aircraft with zero local carbon emissions, a low noise footprint and high levels of safety, we believe we can make a meaningful contribution to tackling the dual challenges of traffic congestion and climate change. </font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are building a dedicated, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">diverse </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and inclusive workforce to achieve this goal while adhering to best practices in risk assessment, mitigation and corporate governance. We plan to report how we oversee and manage Environmental, Social and Governance (</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ESG&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) factors material to our business, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and also </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">evaluate how our ESG objectives align with elements of the United Nations Sustainable Development Goals (</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">SDGs&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">). </font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our ESG initiative is organized into three pillars, which, in turn, contain focus areas for our attention and action: </font></p>
<p style="line-height: 1.2; margin: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<ul style="margin: 0pt 0pt 0pt 9pt; padding-left: 0pt;" type="disc">
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Environmental - </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our Environmental pillar is focused on being a good steward of the natural environment through the production and development of innovative designs that reduce resource use and energy consumption, and which have a full life-cycle design approach. </font></li>
</ul>
<p style="line-height: 1.2; margin: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<ul style="margin: 0pt 0pt 0pt 9pt; padding-left: 0pt;" type="disc">
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Social - </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our Social pillar is focused on promoting diversity, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">equity </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and inclusion, while underpinning all of our activities with a core focus on health and safety. In addition, we strongly believe in the democratization of urban air mobility, which we plan to promote by developing UAM solutions that are affordable, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">green </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and accessible. </font></li>
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<p style="line-height: 1.2; margin: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Governance - </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our Governance pillar focuses on upholding our commitment to ethical business conduct, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">integrity </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and corporate responsibility, and integrating strong governance and enterprise risk management oversight across all aspects of our business. </font></li>
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<p style="line-height: 1.2; margin: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;"><br></font></font></p>
<p style="line-height: 1.2; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Our Focus on Sustainable Manufacturing and Safety </font></font></p>
<p style="margin: 0pt; text-indent: 22.5pt; line-height: 1.2;"><br></p>
<p style="margin: 0pt; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our engineering and d</font>esign standards are intended to ensure that we are operating in an efficient, safe, sustainable and compliant manner, and encourage us to be leaders in pursuing environmentally friendly production practices. Our Sustainability Team works closely with our operating units to track material inputs and outputs, to build strategies for chemical reduction and elimination, and to review the proper handling and disposal of our materials. We are also pursuing a life cycle assessment of our manufacturing processes in order to build a reliable and transparent data set that will allow us to monitor and mitigate our emissions, waste and natural resource consumption over time.<br></p>
<p style="margin: 0pt; text-indent: 22.5pt; line-height: 1.2;"><br></p>
<p style="margin: 0pt; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">With safety as a core value, we emphasize the need for strict compliance with all safety rules and best practices, including mandatory safety training and reporting procedures through our Human Resources and Safety team. We require all employees to participate in company-wide safety initiatives and education, and we conduct regular safety audits to ensure proper safety policies, programs, procedures, analysis and training are in place.<br></font></p>
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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Available Information </font></p>
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<p style="margin: 0pt; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our website address is www.eveairmobility.com. The information on, or that can be accessed through, our website is not </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">incorporated by reference into this Annual Report on Form 10-K and </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is not </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">part of this report. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">This </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Annual Report on </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and our proxy statements, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, are, or will be, available (free of charge) on our website as soon as reasonably practicable after we electronically file this material with, or furnish it to, the SEC. </font></p>
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<div style="margin: 12pt 0pt 0pt; break-after: avoid; break-before: page; break-inside: avoid; text-indent: 0pt; line-height: 1.2;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bi1a_1Q2B3DW08000000000000000000000"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">Item 1.A. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Risk Factors. </font></a></div>
<p style="margin: 10pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">An investment in our securities involves a high degree of risk. You should </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">consider carefully </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">all of the risks described below, together with the other information contained in this </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Annual Report, including our financial statements and related notes, before making a decision to invest in our securities. If any of the following events occur, our business, financial condition and operating results may be materially adversely affected. In that event, the trading price of our securities could decline, and you could lose all or part of your investment. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that adversely affect our business, financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">and operating results. </font></p>
<p style="margin: 10pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Summary of Risk Factors </font></p>
<p style="margin: 10pt 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our business is subject to numerous risks and uncertainties that represent challenges that we face in connection with the successful implementation of our strategy and the growth of our business. The occurrence of one or more of the events or circumstances described in the section titled </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Risk Factors,&#8221; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">alone or in combination with other events or circumstances, may harm our business, financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and operating results. Such risks include, but are not limited to: </font></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The market for Urban Air Mobility (UAM) has not been established with precision, is still emerging and may not achieve the growth potential we </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expect, or </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may grow more slowly than expected. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">There may be reluctance by consumers to adopt this new form of mobility, or unwillingness to pay our projected prices. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">There may be rejection of eVTOL operation in certain localities due to a perceived risk of safety or burden on local communities from eVTOL operations. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If current airspace regulations are not modified to increase air traffic capacity, our business could be subject to considerable capacity limitations. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Urban Air Traffic Management (UATM) may not be able to provide adequate situational awareness and equitable airspace access to eVTOLs or may not allow industrial scalability. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The regulatory environment for third-party service and technology providers (which UATM could be labeled as) may not be specific enough to support our UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">solution, or </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may delay its adoption. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our UATM solution may underperform if it has a </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">defect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or it is not delivered on the projected timeline. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We may not be able to launch our eVTOL and related services on the timeline projected. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We may be unable to secure third parties to provide aerial ridesharing services and to make the necessary changes to, and operate, vertiports using our aircrafts, or otherwise make the services sufficiently convenient to drive customer adoption. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our customers&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> perception of us and our reputation may be impacted by the broader industry and customers may not differentiate our aircraft and services from our competitors. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our prospects and operations may be adversely affected by changes in consumer preferences, discretionary spending and other economic conditions that affect demand for UAM services, including changes resulting from the COVID-19 pandemic. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Neither we nor ERJ have manufactured or delivered any eVTOL aircraft to customers, which makes evaluating our business and </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future prospects </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">difficult and increases the risk of investment. </font></li>
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<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our eVTOL aircraft may not perform at the level we expect, and may have potential defects, such as higher than expected noise profile, lower payload than initially estimated, shorter range, higher unit cost, higher cost of operation, perceived discomfort during transition phase and/or shorter useful lives than we anticipate. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We may not be able to produce aircraft in the volumes and on the timelines projected. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Crashes, accidents or incidents of eVTOL aircraft or involving UATM solutions, lithium batteries involving </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or our competitors could have a material adverse effect on its business, financial condition, and results of operations. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We currently rely and expect to continue to rely on ERJ to provide services, products, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">parts </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and components required to develop and certify our aircraft and to supply critical services, components and systems necessary for our operations, which exposes us to a number of risks and uncertainties outside our control. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EAH is a majority stockholder of the Company. The concentration of ownership may affect the market demand for our shares. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We currently do not have a fully defined strategy for the manufacturing of our aircraft following type certification, which exposes us to </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a number of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">risks and uncertainties outside our control. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our agreements with our customers are non-binding and constitute </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">all of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the current orders for our aircraft. If we do not enter into definitive agreements with our customers, or the conditions to our customer&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s orders (if any) are not met, or if such orders (if any) are cancelled, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">modified </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or delayed, our prospects, results of operations, liquidity and cash flow will be harmed. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We may be unable to obtain relevant regulatory approvals for the commercialization of our aircraft, including Type Certification, Production Certification, and Operating Certification approvals for permitting new infrastructure or accessing existing infrastructure or otherwise. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Changes in government regulation imposing additional requirements and restrictions on our operations could increase our operating costs and result in service delays and disruptions. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If conflicts arise between us and our strategic partners, our business could be adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or these parties may act in a manner adverse to us. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The failure of certain advances in technology such as autonomy or battery density to mature at the rates we project may impact our ability to increase the volume of our service and/or drive down end-user pricing at the rates we project. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We have incurred significant losses since inception, we expect to incur losses in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and we may not be able to achieve or maintain profitability. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are subject to cybersecurity risks to our operational systems, security systems, infrastructure, integrated software in our aircraft and customer data processed by our third-party vendors. </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; margin: 0pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; line-height: inherit;">Our available capital resources may not be sufficient to meet the requirements<font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font style="line-height: inherit;" lang="EN-US">of our business plan and we may need to raise additional capital.</font></font><br></font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 10pt 0pt 10pt 28.5pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian political and economic conditions have a direct impact on our business, and such conditions could adversely affect our business, financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and results of operations. </font></li>
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<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt 2.45pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Risks Related </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">to our Business and Industry </font>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&amp; Service </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 5.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">The market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Urban Air Mobility </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(UAM) has not been established </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">with precision, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">still </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">emerging </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and may not achieve </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the growth potential </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">we </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">expect, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">or </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">grow more </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">slowly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">than expected. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The UAM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">still </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">emerging </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and has not been established </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with precision. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">It </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">uncertain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to what extent market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">acceptance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">grow, if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">all. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We intend </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to initially </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">launch </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in a limited </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">number </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of metropolitan </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">areas. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The success </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">markets </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">opportunity </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growth in these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">markets </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not be representative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">potential </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UAM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">metropolitan </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">areas. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our success </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">depend to a </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">substantial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">extent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on regulatory </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">approval </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and availability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of eVTOL </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">technology, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">investments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and development </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ecosystem </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">infrastructure, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">community </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">acceptance, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as well </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">willingness </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of commuters </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and travelers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to widely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adopt </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">air </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">mobility </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as an alternative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ground transportation. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">does not perceive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UAM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">beneficial, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">chooses </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not to adopt </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UAM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as a result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of concerns </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regarding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">safety, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affordability, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">value </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">proposition or for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reasons, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">then </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our offerings </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not develop, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">develop </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">more </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">slowly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we expect or may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not achieve </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growth potential </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we expect. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a result, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">number </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of potential </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fliers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">using </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our eVTOL cannot </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be predicted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with any degree </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of certainty, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and we cannot </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">assure </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">you that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be able </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to operate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in a profitable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">manner </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in any of our targeted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">markets. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Any of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">foregoing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">materially </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our business, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of operations. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Growth of our business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">require </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">significant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">investments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">development </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UAM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ecosystem, infrastructure, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">technology </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and marketing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and sales </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">efforts. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our current </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cash </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">flow has not been sufficient </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to support </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">needs. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">does not generate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">level </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of available </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cash </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">flow required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to support </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">these investments, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be negatively </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affected. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Further, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to effectively </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">manage growth and expansion </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">require </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us to enhance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our research </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and development, manufacturing, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operational </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">systems, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">internal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">controls </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and infrastructure, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">human </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">resources </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">policies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and reporting systems. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">These enhancements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">require </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">significant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">capital </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expenditures </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and allocation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of valuable management </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and employee </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">resources. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 5.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">There may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">be reluctance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">by consumers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to adopt this </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">new form </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of mobility, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">or unwillingness </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to pay our projected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">prices. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our growth is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">highly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dependent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">upon the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adoption </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by consumers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of an entirely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">new form </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of mobility </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">offered by eVTOL </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UAM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">consumers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">do not adopt </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">this </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">new form </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of mobility </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not willing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to pay the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">prices </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">shared </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">aerial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ridesharing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">services, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">never </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">materialize </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and our prospects, financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and operating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be harmed. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">This market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">new, rapidly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">evolving, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and characterized by rapidly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">changing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">technologies, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">competition, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">additional </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">competitors, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">evolving </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regulation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and industry </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">standards, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">new aircraft </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">announcements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and changing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">consumer </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">demands </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and behaviors. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our success </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in a given </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">depend on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">local </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">infrastructure </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and regulations, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on our partners&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to develop </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a network </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of passengers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and accurately </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">assess </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and predict </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">passenger </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">demand </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and price sensitivity. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Demand and price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sensitivity </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fluctuate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">based </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on a variety </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of factors, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">macroeconomic factors, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">quality </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of service, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">negative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">publicity, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">safety </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">incidents, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">corporate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reporting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">related </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to safety, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">quality </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of customer </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">support, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">perceived </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">political </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or geopolitical </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affiliations, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or dissatisfaction </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with our brand, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">products </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and offerings </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in general. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our commercial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">partners </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fail </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to attract </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">passengers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or fail </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to accurately </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">predict </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">demand </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sensitivity, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">would </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">harm </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">performance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and our competitors&#8217;</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">products </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">achieve </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">greater market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adoption </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">grow at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a faster </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our business. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>17</font></font></td>
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<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We expect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a large </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">driver </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of passenger </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">demand </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">aerial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ridesharing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be time </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">savings </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">when compared </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with alternative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">modes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of transportation. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Should we or our commercial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">partners </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be unable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to deliver </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a sufficient </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">level </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of time </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">savings </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our eVTOL </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">passengers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">time </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">savings </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">impacted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by delays </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or cancellations, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reduce </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">demand </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">aerial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ridesharing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">services. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we or our commercial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">partners </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">unable to generate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">demand </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or demand </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">falls, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our business, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affected. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">There may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">be rejection </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of eVTOL </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">operation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">in certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">localities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">due to a perceived </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">risk </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of safety </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">or burden on local </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">communities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">eVTOL </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">operations. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">developing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">eVTOL </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to a level </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of safety </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">higher </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of a light </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">aircraft, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a level </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is perceived </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by us and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regulators </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to be adequate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">safe </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of eVTOLs </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in urban </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">centers. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">However, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">safety </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">record </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fleet </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">depend on factors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">external </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">vehicle </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">understanding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of which is currently </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">being </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">constructed, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such as the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">integration </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of eVTOL </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fleets </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">same urban </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">airspace. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">prediction </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of important </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">characteristics </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">system, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such as route </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">placement, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">vehicle separation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and communication </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">protocols, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not accurate, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">considerations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not properly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">taken </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">into account,</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">safety </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">level </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fleet </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be negatively </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affected. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The approval </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of local </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">authorities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">eVTOLs </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be influenced </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">opinion about </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">burden </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">imposed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">community </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">vehicle </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operations. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Local </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">populations, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">being </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">potential </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">users of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">eVTOL </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">service </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or not, may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">perceive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">external </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">noise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">vehicles, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">visual </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pollution </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and changes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the neighborhood </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provoked </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by vertiport </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to be unreasonable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with respect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">benefits </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">brought </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the vehicles </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in terms </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of traffic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">congestion </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reduction </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and decrease </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in travel </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">times. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">case, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">demand </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">vehicles </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be negatively </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affected. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">current </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">airspace </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">regulations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">are not modified </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to increase </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">air </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">traffic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">capacity, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">could be subject to considerable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">capacity </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">limitations. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">A failure </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to increase </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">air </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">traffic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">capacity </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">airspace </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">serving </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">key markets, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">around </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">major airports, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">United </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">States </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or overseas, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">create </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">capacity </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">limitations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and could have a material </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">effect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on our business, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Weaknesses </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in airspace </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and air </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">traffic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">control </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">system </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">worldwide, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">National </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Airspace </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">System </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Air Traffic Control </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ATC&#8221; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) system, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such as outdated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">procedures </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and technologies, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in capacity </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">constraints during </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">peak travel </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">periods </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or adverse </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">weather </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">conditions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">markets, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">resulting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in delays </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and disruptions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to our service. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">While </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our aircraft </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">designed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to operate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">National </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Airspace </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">System </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">existing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rules, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">scale </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">likely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">require </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">airspace </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">allocation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UAM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operations. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our inability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to obtain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sufficient access </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">National </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Airspace </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">System </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our costs </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and reduce </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">attractiveness </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our service. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Urban Air Traffic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Management </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(UATM) may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">not be able </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to provide </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">adequate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">situational </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">awareness and equitable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">airspace </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">access </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to eVTOLs </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">or may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">not allow industrial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">scalability. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Urban Air Traffic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Management </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(UATM) is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a system </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">enable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UAM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">scalability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">mature </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">over time </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to support </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">requirements. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">systems </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provide </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">traffic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">management </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UAM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ecosystem, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to vehicles, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fleet </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operators, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">vertiports, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pilots, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fleet </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">managers, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">network </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">centers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and air </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">navigation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">service </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">providers, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">objective </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of improving </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">efficiency </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and safety </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of UAM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operations. The UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">systems </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">therefore </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">perceived </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as an enabler </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to allow </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">safe </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">scalability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">industry </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as the quantity </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of eVTOL </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increases </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">over </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">time. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">An accident </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or incident </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">resulting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">low performance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of one of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">systems </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">inability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to provide </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adequate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">safety </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">levels </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">negatively </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">perception </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UAM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">industry </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as whole. </font></p>
<p style="line-height: 1.2; margin: 0.65pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>18</font></font></td>
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<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Additionally, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">systems </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">do not target </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">appropriate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">services, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">their </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to support increased </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">traffic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">volume </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and therefore </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">industrial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">scalability. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">This may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of collecting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">wrong data </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">necessary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to support </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">safety </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cases </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">airspace </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">authorities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to approve new regulations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and/or </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">inability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to manage </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">traffic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">equitably </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">all </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">airspace </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">users, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">airspace </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">access for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">eVTOLs. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 5.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">There is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a risk </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the regulatory </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">environment </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">third-party </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">service </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and technology </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">providers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(which UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">could be labeled </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">as) </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">not be specific </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">enough to support </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">our UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">solution, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">or </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">delay </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">its adoption. </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Every country </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on a different </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">journey </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with a corresponding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">timetable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">towards </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">establishing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regulatory environment </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">support </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">third-party </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">technology </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and service </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">providers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to buttress </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">air </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">traffic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">management industry. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As more </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">varied </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and unique </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">aircraft, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">each </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with unique </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">characteristics </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">instance, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">drones </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as compared </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to general </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">aviation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">aircraft), </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">all </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">vying for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">access </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to dense, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">low altitude </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">airspace, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">solutions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">like UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">seek </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to standardize </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">way in which such airspace </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">can be safely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">managed. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">However, as technology development </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">usually </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">outpaces </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regulation, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">foreseeable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">degree </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">risk </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or regulatory </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">risk is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">inherent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">investment </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and deployment </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of this </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">new technology. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Therefore, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a lack </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of necessary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regulations to help </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">industry </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">understand </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">how it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">commercialize </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such third-party </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">offerings, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such as UATM, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">result in a poor business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">environment </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">make </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">difficult </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to achieve </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">deployment </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">based </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on each country&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">progress </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">towards </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regulating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">similar </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">service </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">providers. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Additionally, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">competing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">systems </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or solution </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">providers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">use the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">lack </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of regulation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to their </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">advantage, leading </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to an unsafe </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">environment </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">would cause </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we and our UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">solution </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to consider </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">suspending operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">until </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such time </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">when clarity </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and an appropriate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">safety </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">case </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">local </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regulator </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be established. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">This may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">negatively </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">product, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to provide </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a return on its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">investment, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and therefore </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">damage </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">model </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">solution. </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 5.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">solution </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">underperform </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">has a </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">defect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">or it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">not delivered </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">on the projected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">timeline. </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 5.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">developing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our own UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">solution. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We currently plan for our UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">systems </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">include </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">urban </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">aeronautical information </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">management, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">vertiport </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">information </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">management, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">flight </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">planning </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and authorization, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">traffic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">flow management, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">weather </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">management, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and collaborative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">situation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">awareness </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and any other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">feature identified </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">during </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">interaction </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with stakeholders. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The underperformance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">systems </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">improperly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">defining </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">system requirements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and system </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">architecture. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The inability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to accurately </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">define </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">system </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">requirements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">would result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in an undesirable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">product </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">target </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">users </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and customers, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">but not limited </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fleet </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operators, vertiport </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operators </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and air </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">navigation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">service </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">providers. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">By not providing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">necessary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">required time, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">negatively </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of UAM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to scale </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">desired </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pace. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Additionally, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by not providing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">right </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">services, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">there </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a heightened </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">risk </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">competitors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">capture </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">additional </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">share. Failing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to define </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and implement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">right </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">system </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">architecture </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">make </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">more </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">difficult </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">systems </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to scale </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and evolve </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">over </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">time </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with new requirements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and to integrate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">systems. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">There </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">can be no assurance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be able </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to detect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and fix </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">all </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">defects </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">system </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">prior </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to its entry </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">into </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">service. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Defects </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">occur </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as a result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">incorrectly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">identifying </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">standards </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">software </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">must </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be built </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">towards. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">By failing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to build </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">towards </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">correct </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">standards, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">impacted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">system will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not be allowed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">enter </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">into </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">service, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">resulting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in significant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">re-work </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to meet </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">qualifications, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">project </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">incurring </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">schedule </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">delays, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cost </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">overrun </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or, ultimately, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">causing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">eVTOL </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">accidents. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Schedule </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">delays </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">systems </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in losing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">near-term </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">share </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">competition. Competing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">service </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">providers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">begin </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">generating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">hours </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of in-service </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">experience </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">earlier </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and become </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">more established </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and desirable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">making </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">more </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">difficult </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us to become </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">an established </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">service </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provider in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Additionally, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">delays </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">systems </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">currently </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">development </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and systems </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to be developed in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">impede </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">industrial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">scalability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of UAM, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">impacting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">volume </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of vehicle </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sales </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and service and support </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">contracts. </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>19</font></font></td>
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<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">not be able </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to launch our eVTOL </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and related </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">on the timeline </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">projected. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">need to address </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">significant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regulatory, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">political, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operational, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">logistical, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">challenges </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in order to </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">launch </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our eVTOLs. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We do not currently </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have infrastructure </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in place </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to operate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">service </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and such infrastructure </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not be available </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be occupied </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on an exclusive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">basis </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by competitors. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We also </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have not </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">yet </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">received </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">certifications </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from the FAA, the ANAC, the EASA </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">certifications </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our aircraft </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">airspace </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or operational </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">authority </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and government </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">approvals, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">essential </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">production </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and operation. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our pre-certification operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">likelihood </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of discovering </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">issues </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with our aircraft, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in delays </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the certification </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our aircraft. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Any delay </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financing, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">design, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">manufacture </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and launch </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our aircraft </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could materially </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">damage </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our brand, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">business, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">prospects, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and operating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">results. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Aircraft manufacturers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">often </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">experience </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">delays </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">design, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">manufacture </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and commercial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">release </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of new aircraft. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">These delays </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in additional </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and adverse </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">publicity </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our business. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not able </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to overcome </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">these challenges, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our business,&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition and result of operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be negatively </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">impacted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and our ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to grow our business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be harmed. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our competitors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">commercialize </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">their </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">technology </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">before </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">we do, either </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">in general </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">or in specific </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">markets. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We expect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">this </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">industry </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to be increasingly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">competitive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">possible </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our competitors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">get </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">before </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we do, either </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">generally </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or in specific </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">markets. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Even if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">first </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to market, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not fully realize </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">benefits </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we anticipate, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and we may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not receive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any competitive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">advantage </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be overcome </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">competitors. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">new companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or existing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">aerospace </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">launch </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">competing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">solutions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">markets in which we intend </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to operate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and obtain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">large </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">scale </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">capital </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">investment, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">face </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increased </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">competition. Additionally, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our competitors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">benefit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our efforts </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in developing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a UATM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">solution, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">making </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">easier </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for them </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to obtain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">permits </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and authorizations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to manufacture </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or operate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">eVTOL </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">aircrafts </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">markets in which we intend </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to launch </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or in other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">markets. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Many of our current </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and potential </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">competitors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">larger </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and have substantially </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">greater </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">resources </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we have and expect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to have in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">They may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be able </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to devote </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">greater </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">resources </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">development </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of their </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">current </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">technologies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">promotion </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and sale </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of their </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">offerings, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">offer </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">lower </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">prices. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In particular, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">competitors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be able </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to receive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">airworthiness </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">certificates </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or production </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">certificates </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">their aircraft </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">prior </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to us receiving </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such certificates. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our current </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and potential </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">competitors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">establish cooperative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or strategic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">relationships </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">amongst </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">themselves </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or with third </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">parties </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">further </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">enhance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">their resources </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and offerings. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Further, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">possible </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">domestic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or foreign </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or governments, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">some </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with greater </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">experience </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">aerospace </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">industry </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or greater </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">resources </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we possess, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">seek </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to provide products </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">compete </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">directly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or indirectly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with ours </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">be unable to secure </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">third </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">parties </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to provide </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">aerial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">ridesharing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and to make </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the necessary changes to, and operate, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">vertiports </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">using our aircrafts, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">or otherwise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">make </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">sufficiently </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">convenient to drive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">customer </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">adoption. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">heavily </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">depend on third-party </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operators </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to develop </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and launch </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">aerial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ride </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sharing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">services and to make </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">necessary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">changes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to vertiport </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">infrastructure, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">installation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of necessary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">charging equipment, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to enable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adoption </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our eVTOL </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">aircraft. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">While </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we expect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to be able </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to develop </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">strategic partnerships </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with third-party </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fleet </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and vertiport </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operators </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to provide </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a comprehensive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UAM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">passenger </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">service, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we cannot </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">guarantee </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be able </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to do so effectively, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">prices </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">favorable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to us, or at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">all. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">While </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we do not intend </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to own or operate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">vertiports </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or aerial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ride </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sharing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">services, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on such services. Our business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and our brand </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be affiliated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">third-party </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ground </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operators </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and we may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">experience </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">harm </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to our reputation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our third-party </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ground operators </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">suffer </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">poor service, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">negative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">publicity, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">accidents, or safety </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">incidents. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The foregoing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">risks </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our business, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of operations. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>20</font></font></td>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">Our customers</font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">&#8217;</font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">perception </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">of us and our reputation </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">be impacted </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">by the broader </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">industry </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and customers may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">not differentiate </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">our aircraft </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and our services </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">our competitors. </font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Customers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">stakeholders </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not differentiate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">between </font><font style="font-family: 'Times New Roman'; line-height: inherit;">us and the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">broader </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aviation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">industry </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or, more </font><font style="font-family: 'Times New Roman'; line-height: inherit;">specifically, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">UAM </font><font style="font-family: 'Times New Roman'; line-height: inherit;">service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">industry. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our competitors </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">participants </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in this </font><font style="font-family: 'Times New Roman'; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have issues </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in a wide range </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of areas, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">safety, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">technology </font><font style="font-family: 'Times New Roman'; line-height: inherit;">development, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">engagement </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">certification </font><font style="font-family: 'Times New Roman'; line-height: inherit;">bodies </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">regulators, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">engagement </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with communities, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">target </font><font style="font-family: 'Times New Roman'; line-height: inherit;">demographics </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">positioning </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">market, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">security, data </font><font style="font-family: 'Times New Roman'; line-height: inherit;">privacy, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">flight </font><font style="font-family: 'Times New Roman'; line-height: inherit;">delays, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or bad customer </font><font style="font-family: 'Times New Roman'; line-height: inherit;">service, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">such problems </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; line-height: inherit;">perception </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the entire </font><font style="font-family: 'Times New Roman'; line-height: inherit;">industry, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our business. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fail </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to adequately </font><font style="font-family: 'Times New Roman'; line-height: inherit;">differentiate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our brand, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our </font><font style="font-family: 'Times New Roman'; line-height: inherit;">services </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">others </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; line-height: inherit;">which could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to attract </font><font style="font-family: 'Times New Roman'; line-height: inherit;">passengers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or engage </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">key stakeholders. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">The failure </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to differentiate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ourselves </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of poor public </font><font style="font-family: 'Times New Roman'; line-height: inherit;">perception </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">industry </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could have an adverse </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on our business, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">condition, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of operations. </font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">Our prospects </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and operations </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">be adversely </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">affected </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">by changes in consumer </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">preferences, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">discretionary spending and other </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">economic </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">conditions </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">demand for </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">UAM </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">services, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">changes resulting from </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">the COVID-19 </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">pandemic. </font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Our business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be primarily </font><font style="font-family: 'Times New Roman'; line-height: inherit;">concentrated </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on commercializing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">providing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">agnostic UAM </font><font style="font-family: 'Times New Roman'; line-height: inherit;">capacity </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by operating </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a fleet </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of eVTOLs </font><font style="font-family: 'Times New Roman'; line-height: inherit;">together </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with partners </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and providing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a suite </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of services </font><font style="font-family: 'Times New Roman'; line-height: inherit;">including maintenance, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">technical </font><font style="font-family: 'Times New Roman'; line-height: inherit;">support </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and training </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to our and third </font><font style="font-family: 'Times New Roman'; line-height: inherit;">parties</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8217;</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircrafts, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which we expect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be vulnerable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to changes </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in consumer </font><font style="font-family: 'Times New Roman'; line-height: inherit;">preferences, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">discretionary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">spending </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; line-height: inherit;">changes </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impacting discretionary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">purchases. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">The global </font><font style="font-family: 'Times New Roman'; line-height: inherit;">economy </font><font style="font-family: 'Times New Roman'; line-height: inherit;">has in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">past, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">future, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">experience </font><font style="font-family: 'Times New Roman'; line-height: inherit;">recessionary periods </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and periods </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of economic </font><font style="font-family: 'Times New Roman'; line-height: inherit;">instability, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">current </font><font style="font-family: 'Times New Roman'; line-height: inherit;">business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">disruption </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and related </font><font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact resulting </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">global </font><font style="font-family: 'Times New Roman'; line-height: inherit;">COVID-19 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">health </font><font style="font-family: 'Times New Roman'; line-height: inherit;">crisis. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">During such periods, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">passengers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">choose </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not to make </font><font style="font-family: 'Times New Roman'; line-height: inherit;">discretionary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">purchases </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">reduce </font><font style="font-family: 'Times New Roman'; line-height: inherit;">overall </font><font style="font-family: 'Times New Roman'; line-height: inherit;">spending </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on discretionary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">purchases. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Such changes </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in reduced </font><font style="font-family: 'Times New Roman'; line-height: inherit;">consumer </font><font style="font-family: 'Times New Roman'; line-height: inherit;">demand </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">air </font><font style="font-family: 'Times New Roman'; line-height: inherit;">transportation, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">UAM </font><font style="font-family: 'Times New Roman'; line-height: inherit;">services, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">shift </font><font style="font-family: 'Times New Roman'; line-height: inherit;">demand </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from our UAM </font><font style="font-family: 'Times New Roman'; line-height: inherit;">services </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">methods </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of air </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or ground transportation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">which we do not offer </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a </font><font style="font-family: 'Times New Roman'; line-height: inherit;">competing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">service. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to generate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">demand </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or there </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a future </font><font style="font-family: 'Times New Roman'; line-height: inherit;">shift </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in consumer </font><font style="font-family: 'Times New Roman'; line-height: inherit;">spending </font><font style="font-family: 'Times New Roman'; line-height: inherit;">away from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">UAM </font><font style="font-family: 'Times New Roman'; line-height: inherit;">services, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our business, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of operations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be adversely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">affected. </font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Aircraft </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">and Production </font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">Neither </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">we nor ERJ </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">have yet </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">manufactured </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or delivered </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to customers </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">any eVTOL </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">aircraft, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">which makes evaluating </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">future </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">prospects </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">difficult </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and increases </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">investment </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">risk. </font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">The UAM </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">was launched </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by ERJ </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in 2017 and ERJ </font><font style="font-family: 'Times New Roman'; line-height: inherit;">has a limited </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operating </font><font style="font-family: 'Times New Roman'; line-height: inherit;">history </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the urban </font><font style="font-family: 'Times New Roman'; line-height: inherit;">air </font><font style="font-family: 'Times New Roman'; line-height: inherit;">mobility </font><font style="font-family: 'Times New Roman'; line-height: inherit;">industry, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">continuously </font><font style="font-family: 'Times New Roman'; line-height: inherit;">evolving. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Our eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">early </font><font style="font-family: 'Times New Roman'; line-height: inherit;">development stage </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and we do not expect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our first </font><font style="font-family: 'Times New Roman'; line-height: inherit;">serial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">vehicle </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to be produced </font><font style="font-family: 'Times New Roman'; line-height: inherit;">until </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2026, if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">all. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We have no experience </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in </font><font style="font-family: 'Times New Roman'; line-height: inherit;">high volume </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manufacturing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">planned </font><font style="font-family: 'Times New Roman'; line-height: inherit;">eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We cannot </font><font style="font-family: 'Times New Roman'; line-height: inherit;">assure </font><font style="font-family: 'Times New Roman'; line-height: inherit;">you that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we or our partners </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be able </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to develop </font><font style="font-family: 'Times New Roman'; line-height: inherit;">efficient, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">automated, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">cost-efficient </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manufacturing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">capability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and processes, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and reliable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">sources of component </font><font style="font-family: 'Times New Roman'; line-height: inherit;">supplies </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">enable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">us to meet </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">quality, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">price, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">engineering, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">design </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and production standards, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">as well </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">production </font><font style="font-family: 'Times New Roman'; line-height: inherit;">volumes, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">required </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to successfully </font><font style="font-family: 'Times New Roman'; line-height: inherit;">mass </font><font style="font-family: 'Times New Roman'; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">You should consider </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and prospects </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in light </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">risks </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and significant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">challenges </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we face </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as a new entrant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">into the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">UAM </font><font style="font-family: 'Times New Roman'; line-height: inherit;">industry, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">among </font><font style="font-family: 'Times New Roman'; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">things, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">with respect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to our ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to: </font> </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
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<td style="height: 17px; vertical-align: top; width: 3%; text-align: left;" valign="top"><font style="font-weight: bold; line-height: inherit; font-size: 10pt;">&#8226;</font></td>
<td style="height: 17px; width: 93%;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">design </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and produce </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">safe, </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">reliable </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and quality </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">eVTOL </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">on an ongoing </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">basis; </font> </font></td>
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<td style="vertical-align: top; text-align: center;"><br></td>
<td style="height: 17px; vertical-align: top; text-align: left;" valign="top"><font style="font-weight: bold; line-height: inherit; font-size: 10pt;">&#8226;</font></td>
<td style="height: 17px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">obtain </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">necessary </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">regulatory </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">approvals </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in a timely </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">manner,</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">receipt </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of governmental authority </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">manufacturing </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">equipment </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and, in turn, </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">marketing,</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">selling </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and operating </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our UAM </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">services; </font> </font></td>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>21</font></font></td>
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<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<td style="width: 3%; text-align: left; height: 17px;"><font style="font-weight: bold; line-height: inherit; font-size: 10pt;">&#8226;</font></td>
<td style="width: 93%; height: 17px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">develop </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">a UATM </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">solution; </font> </font></td>
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<td style="text-align: left; height: 17px;"><font style="font-weight: bold; line-height: inherit; font-size: 10pt;">&#8226;</font></td>
<td style="height: 17px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">build </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">a well-recognized </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and respected </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">brand; </font> </font></td>
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<td style="text-align: left; height: 17px;"><font style="font-weight: bold; line-height: inherit; font-size: 10pt;">&#8226;</font></td>
<td style="height: 17px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">establish </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and expand our customer </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">base </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and strategic </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">partners; </font> </font></td>
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<td style="text-align: left; height: 17px;"><font style="font-weight: bold; line-height: inherit; font-size: 10pt;">&#8226;</font></td>
<td style="height: 17px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">successfully </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">market </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">not just </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our<font style="line-height: inherit;">&nbsp;</font>eVTOL </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">but also </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">other </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">services </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">we intend </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to provide, </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">such as maintenance, </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">materials, </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">technical </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">support </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and training </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">services; </font> </font></td>
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<td style="text-align: left; height: 17px;"><font style="font-weight: bold; line-height: inherit; font-size: 10pt;">&#8226;</font></td>
<td style="height: 17px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">successfully </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">service </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our<font style="line-height: inherit;">&nbsp;</font>eVTOL </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">after </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">sales </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and maintain </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">a good flow of spare </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">parts </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and customer </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">goodwill; </font> </font></td>
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<td style="text-align: center; height: 10px;"><br></td>
<td style="text-align: left; height: 10px;"><font style="font-weight: bold; line-height: inherit; font-size: 10pt;">&#8226;</font></td>
<td style="height: 10px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">improve </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and maintain </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our operational </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">efficiency; </font> </font></td>
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<td style="text-align: center; height: 17px;"><br></td>
<td style="text-align: left; height: 17px;"><font style="font-weight: bold; line-height: inherit; font-size: 10pt;">&#8226;</font></td>
<td style="height: 17px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">successfully </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">execute </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our manufacturing </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and production </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">model </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and maintain </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">a reliable, </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">secure, </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">high- performance </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and scalable </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">technology </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">infrastructure; </font> </font></td>
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<td style="text-align: center; height: 17px;"><br></td>
<td style="text-align: left; height: 17px;"><font style="font-weight: bold; line-height: inherit; font-size: 10pt;">&#8226;</font></td>
<td style="height: 17px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">predict </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our future </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">revenues </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and appropriately </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">budget </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">expenses; </font> </font></td>
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<td style="text-align: left; height: 17px;"><font style="font-weight: bold; line-height: inherit; font-size: 10pt;">&#8226;</font></td>
<td style="height: 17px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">attract, </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">retain </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and motivate </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">talented </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">employees; </font> </font></td>
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<td style="text-align: left; height: 17px;"><font style="font-weight: bold; line-height: inherit; font-size: 10pt;">&#8226;</font></td>
<td style="height: 17px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">anticipate </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">trends </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">emerge </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and affect </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">business; </font> </font></td>
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<td style="text-align: left; height: 17px;"><font style="font-weight: bold; line-height: inherit; font-size: 10pt;">&#8226;</font></td>
<td style="height: 17px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">anticipate </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and adapt </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to changing </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">market </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">conditions, </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">technological </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">developments </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and changes in competitive </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">landscape; </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and </font> </font></td>
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<td style="text-align: left; height: 17px;"><font style="line-height: inherit; font-size: 10pt; font-weight: bold;">&#8226;</font></td>
<td style="height: 17px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">navigate </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">an evolving </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and complex </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">regulatory </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">environment. </font> </font></td>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><br></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we fail </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to adequately </font><font style="font-family: 'Times New Roman'; line-height: inherit;">address </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">all </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">risks </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and challenges, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be harmed. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">Our eVTOL </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">not perform </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">at the level </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">we expect, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">have potential </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">defects, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">such as higher than expected </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">noise </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">profile, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">lower payload </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">than initially </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">estimated, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">shorter </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">range, higher unit cost, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">higher cost of operation, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">perceived </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">discomfort </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">during transition </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">phase of flight </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and/or shorter </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">useful </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">lives </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">than we anticipate. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Our eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">contain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">defects </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in design </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and manufacture </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">cause </font><font style="font-family: 'Times New Roman'; line-height: inherit;">them </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not to perform </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as expected </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">require </font><font style="font-family: 'Times New Roman'; line-height: inherit;">repair. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">For example, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have a higher </font><font style="font-family: 'Times New Roman'; line-height: inherit;">noise </font><font style="font-family: 'Times New Roman'; line-height: inherit;">profile </font><font style="font-family: 'Times New Roman'; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we expect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or carry </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a lower </font><font style="font-family: 'Times New Roman'; line-height: inherit;">payload </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or have shorter </font><font style="font-family: 'Times New Roman'; line-height: inherit;">maximum </font><font style="font-family: 'Times New Roman'; line-height: inherit;">range </font><font style="font-family: 'Times New Roman'; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we estimate. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Our eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; line-height: inherit;">uses a substantial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">amount </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of software </font><font style="font-family: 'Times New Roman'; line-height: inherit;">code to operate. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Software </font><font style="font-family: 'Times New Roman'; line-height: inherit;">products </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">inherently </font><font style="font-family: 'Times New Roman'; line-height: inherit;">complex </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and often </font><font style="font-family: 'Times New Roman'; line-height: inherit;">contain defects </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and errors </font><font style="font-family: 'Times New Roman'; line-height: inherit;">when first </font><font style="font-family: 'Times New Roman'; line-height: inherit;">introduced. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">The ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to perform </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as expected </font><font style="font-family: 'Times New Roman'; line-height: inherit;">depends </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">development </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of certain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">components, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">such as batteries, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">technology </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of which is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">currently </font><font style="font-family: 'Times New Roman'; line-height: inherit;">under development </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and therefore </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not yet </font><font style="font-family: 'Times New Roman'; line-height: inherit;">proven </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in operation. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">While </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we have performed </font><font style="font-family: 'Times New Roman'; line-height: inherit;">initial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">tests </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with flying </font><font style="font-family: 'Times New Roman'; line-height: inherit;">vehicles </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and components </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in test </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rigs, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">in some </font><font style="font-family: 'Times New Roman'; line-height: inherit;">instances </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">still </font><font style="font-family: 'Times New Roman'; line-height: inherit;">relying </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on projections </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and models </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to validate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">projected </font><font style="font-family: 'Times New Roman'; line-height: inherit;">performance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our aircraft. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">To date, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we have been unable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to validate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">performance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">over </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">expected </font><font style="font-family: 'Times New Roman'; line-height: inherit;">lifetime </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">There </font><font style="font-family: 'Times New Roman'; line-height: inherit;">can be no assurance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be able </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to detect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and fix </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any defects </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">prior </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to their </font><font style="font-family: 'Times New Roman'; line-height: inherit;">use in our service. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">For example, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">a flight </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in an eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be unlike </font><font style="font-family: 'Times New Roman'; line-height: inherit;">anything </font><font style="font-family: 'Times New Roman'; line-height: inherit;">passengers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have experienced before, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and due to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">characteristics </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a comparatively </font><font style="font-family: 'Times New Roman'; line-height: inherit;">light </font><font style="font-family: 'Times New Roman'; line-height: inherit;">weight, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">multiple </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rotors, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">vertical takeoff, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and transition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to forward </font><font style="font-family: 'Times New Roman'; line-height: inherit;">flight) </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and operation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">characteristics </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(flying </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">low altitudes </font><font style="font-family: 'Times New Roman'; line-height: inherit;">close </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to buildings, likely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to frequently </font><font style="font-family: 'Times New Roman'; line-height: inherit;">encounter </font><font style="font-family: 'Times New Roman'; line-height: inherit;">turbulence), </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">passengers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be susceptible </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to motion </font><font style="font-family: 'Times New Roman'; line-height: inherit;">sickness </font><font style="font-family: 'Times New Roman'; line-height: inherit;">during </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the transitioning </font><font style="font-family: 'Times New Roman'; line-height: inherit;">phases. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">We expect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to introduce </font><font style="font-family: 'Times New Roman'; line-height: inherit;">new and additional </font><font style="font-family: 'Times New Roman'; line-height: inherit;">features </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and capabilities </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and our service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">over </font><font style="font-family: 'Times New Roman'; line-height: inherit;">time. For example, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">while </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our vehicles </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">begin </font><font style="font-family: 'Times New Roman'; line-height: inherit;">its </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with a pilot </font><font style="font-family: 'Times New Roman'; line-height: inherit;">onboard, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we project </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">they </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">evolve </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to become </font><font style="font-family: 'Times New Roman'; line-height: inherit;">autonomous </font><font style="font-family: 'Times New Roman'; line-height: inherit;">vehicles </font><font style="font-family: 'Times New Roman'; line-height: inherit;">over </font><font style="font-family: 'Times New Roman'; line-height: inherit;">time. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">successful, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">this </font><font style="font-family: 'Times New Roman'; line-height: inherit;">would reduce </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">cost </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of operation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">related </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">hiring </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">crew, although </font><font style="font-family: 'Times New Roman'; line-height: inherit;">part </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">cost </font><font style="font-family: 'Times New Roman'; line-height: inherit;">reduction </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be offset </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">need to introduce </font><font style="font-family: 'Times New Roman'; line-height: inherit;">additional </font><font style="font-family: 'Times New Roman'; line-height: inherit;">equipment </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and sensors </font><font style="font-family: 'Times New Roman'; line-height: inherit;">needed </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">autonomous </font><font style="font-family: 'Times New Roman'; line-height: inherit;">flights. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">As with other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">areas </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">vehicle, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we expect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to improve </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">autonomous capabilities </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">through </font><font style="font-family: 'Times New Roman'; line-height: inherit;">testing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and simulations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">throughout </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">vehicle </font><font style="font-family: 'Times New Roman'; line-height: inherit;">development </font><font style="font-family: 'Times New Roman'; line-height: inherit;">process, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">since </font><font style="font-family: 'Times New Roman'; line-height: inherit;">this technology </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and capability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">currently </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not available </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">vehicles </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of this </font><font style="font-family: 'Times New Roman'; line-height: inherit;">nature. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">However, we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be unable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to develop </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or certify </font><font style="font-family: 'Times New Roman'; line-height: inherit;">these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">upgrades </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in a timely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manner, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">all, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have a material </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on our business, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">condition,&nbsp;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">results </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of operations.</font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; line-height: inherit;"><br></font></font></p>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">We may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">not be able </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to produce aircraft </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">in the volumes </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and on the timelines </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">projected. </font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">There </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">significant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">challenges </font><font style="font-family: 'Times New Roman'; line-height: inherit;">associated </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with mass </font><font style="font-family: 'Times New Roman'; line-height: inherit;">producing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">volumes </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we are projecting. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">The aerospace </font><font style="font-family: 'Times New Roman'; line-height: inherit;">industry </font><font style="font-family: 'Times New Roman'; line-height: inherit;">has traditionally </font><font style="font-family: 'Times New Roman'; line-height: inherit;">been characterized </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by significant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">barriers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to entry, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including large </font><font style="font-family: 'Times New Roman'; line-height: inherit;">capital </font><font style="font-family: 'Times New Roman'; line-height: inherit;">requirements, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">investment </font><font style="font-family: 'Times New Roman'; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of designing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and manufacturing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">long lead </font><font style="font-family: 'Times New Roman'; line-height: inherit;">times </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to bring aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to market </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">concept </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and design </font><font style="font-family: 'Times New Roman'; line-height: inherit;">stage, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">need for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">specialized </font><font style="font-family: 'Times New Roman'; line-height: inherit;">design </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and development </font><font style="font-family: 'Times New Roman'; line-height: inherit;">expertise, extensive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">regulatory </font><font style="font-family: 'Times New Roman'; line-height: inherit;">requirements, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">establishing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a brand </font><font style="font-family: 'Times New Roman'; line-height: inherit;">name </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and image </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">need to establish </font><font style="font-family: 'Times New Roman'; line-height: inherit;">maintenance and service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">locations. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">As a manufacturer </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of electric </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we face </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a variety </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of added challenges </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to entry </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a traditional </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manufacturer </font><font style="font-family: 'Times New Roman'; line-height: inherit;">would not encounter </font><font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">additional </font><font style="font-family: 'Times New Roman'; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of developing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and producing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">an electric </font><font style="font-family: 'Times New Roman'; line-height: inherit;">powertrain, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">regulations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">associated </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">transport </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of lithium-ion </font><font style="font-family: 'Times New Roman'; line-height: inherit;">batteries </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and unproven </font><font style="font-family: 'Times New Roman'; line-height: inherit;">high-volume customer </font><font style="font-family: 'Times New Roman'; line-height: inherit;">demand </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a fully </font><font style="font-family: 'Times New Roman'; line-height: inherit;">electric </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aerial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">mobility </font><font style="font-family: 'Times New Roman'; line-height: inherit;">service. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Additionally, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">relying </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on ERJ </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to develop production </font><font style="font-family: 'Times New Roman'; line-height: inherit;">lines </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">components </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">volumes </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">which there </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">little </font><font style="font-family: 'Times New Roman'; line-height: inherit;">precedent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">within </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">traditional aerospace </font><font style="font-family: 'Times New Roman'; line-height: inherit;">industry. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">The ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to reach </font><font style="font-family: 'Times New Roman'; line-height: inherit;">high vehicle </font><font style="font-family: 'Times New Roman'; line-height: inherit;">production </font><font style="font-family: 'Times New Roman'; line-height: inherit;">volumes </font><font style="font-family: 'Times New Roman'; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; line-height: inherit;">depends </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">supply </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of components </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and systems </font><font style="font-family: 'Times New Roman'; line-height: inherit;">reliably </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adequate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rates, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and such components </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not manufactured </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">scale </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">this moment. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Additionally, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">there </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be competition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">between </font><font style="font-family: 'Times New Roman'; line-height: inherit;">markets </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">related </font><font style="font-family: 'Times New Roman'; line-height: inherit;">products </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ability of suppliers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to provide </font><font style="font-family: 'Times New Roman'; line-height: inherit;">equipment. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">These products </font><font style="font-family: 'Times New Roman'; line-height: inherit;">include, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">example, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">batteries, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in high demand </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">automotive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">industry. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">In addition, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">since </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">cannot </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be delivered </font><font style="font-family: 'Times New Roman'; line-height: inherit;">via </font><font style="font-family: 'Times New Roman'; line-height: inherit;">long distance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">flights, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is pivotal </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we have the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ability, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">in factory, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">to disassemble </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">produced </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in areas </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not close </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">customer </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">immediately </font><font style="font-family: 'Times New Roman'; line-height: inherit;">after </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unit </font><font style="font-family: 'Times New Roman'; line-height: inherit;">production. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Tests, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">transportation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and assembly </font><font style="font-family: 'Times New Roman'; line-height: inherit;">close </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to customer operations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">need to follow </font><font style="font-family: 'Times New Roman'; line-height: inherit;">high standards </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of safety </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and efficiency </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in order </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to deliver </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">products </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to different geographic </font><font style="font-family: 'Times New Roman'; line-height: inherit;">regions. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not able </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to overcome </font><font style="font-family: 'Times New Roman'; line-height: inherit;">these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">barriers, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our business, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">prospects, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">operating </font><font style="font-family: 'Times New Roman'; line-height: inherit;">results </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be negatively </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impacted </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and our ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to grow our business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be harmed. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Our business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">initially </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on a single </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">type. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Our dependence </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">makes </font><font style="font-family: 'Times New Roman'; line-height: inherit;">us particularly </font><font style="font-family: 'Times New Roman'; line-height: inherit;">vulnerable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to any design </font><font style="font-family: 'Times New Roman'; line-height: inherit;">defects </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or mechanical </font><font style="font-family: 'Times New Roman'; line-height: inherit;">problems </font><font style="font-family: 'Times New Roman'; line-height: inherit;">associated </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or its component </font><font style="font-family: 'Times New Roman'; line-height: inherit;">parts. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Any product </font><font style="font-family: 'Times New Roman'; line-height: inherit;">defects </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or any other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">failure </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to perform </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as expected </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">harm </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our reputation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in adverse </font><font style="font-family: 'Times New Roman'; line-height: inherit;">publicity, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">delays </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in or inability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to obtain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">certification, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">lost </font><font style="font-family: 'Times New Roman'; line-height: inherit;">revenue, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">delivery delays, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">product </font><font style="font-family: 'Times New Roman'; line-height: inherit;">recalls, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">product </font><font style="font-family: 'Times New Roman'; line-height: inherit;">liability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">claims, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">harm </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to our brand </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and reputation, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and significant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">warranty </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">expenses, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have a material </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on our business, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">condition, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">operating </font><font style="font-family: 'Times New Roman'; line-height: inherit;">results </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and prospects. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">We are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">relying </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ERJ e</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ntities </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to manufacture </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and assemble </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">pursuant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to our MSA</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">with ERJ </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Atech</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. The initial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">terms </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">MSAs</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Atech </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and ERJ </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">expected </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to end on the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">10th and 15th anniversaries </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">May 9, 2022 (the &#8220;Closing Date&#8221;), </font><font style="font-family: 'Times New Roman'; line-height: inherit;"> respectively. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If ERJ </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Atech </font><font style="font-family: 'Times New Roman'; line-height: inherit;">terminates </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fails </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to renew or to comply </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">terms </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the respective </font><font style="font-family: 'Times New Roman'; line-height: inherit;">MSAs</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not be able </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to engage </font><font style="font-family: 'Times New Roman'; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manufacturers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and suppliers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in a timely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manner, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">an acceptable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">necessary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">quantities. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">In addition, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be subject </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to regulation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in Brazil, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">U.S., </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">European </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Union and in each jurisdiction </font><font style="font-family: 'Times New Roman'; line-height: inherit;">where our customers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">located. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">ANAC, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">as well </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as Civil </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Aviation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Authorities </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(CAA) in other countries </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in which our potential </font><font style="font-family: 'Times New Roman'; line-height: inherit;">customers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">located, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">most </font><font style="font-family: 'Times New Roman'; line-height: inherit;">notably </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">FAA </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">EASA, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">must </font><font style="font-family: 'Times New Roman'; line-height: inherit;">certify </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or validate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">design </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(Type Certificate) </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">of our eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">before </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we can start </font><font style="font-family: 'Times New Roman'; line-height: inherit;">delivering </font><font style="font-family: 'Times New Roman'; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to any customers. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">As a result, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; line-height: inherit;">need to do extensive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">testing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to ensure </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in compliance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">applicable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">local civil </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aviation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">regulation </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(e.g., </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">ANAC, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">FAA, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">EASA), </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">safety </font><font style="font-family: 'Times New Roman'; line-height: inherit;">regulations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">relevant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">regulations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">prior </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to entry </font><font style="font-family: 'Times New Roman'; line-height: inherit;">into </font><font style="font-family: 'Times New Roman'; line-height: inherit;">service. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">In addition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to certification </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(Type Certificate), </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be required </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to obtain approval </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ANAC, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">local </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Civil </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Aviation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Authorities </font><font style="font-family: 'Times New Roman'; line-height: inherit;">where the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manufacturing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">facilities </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be located </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to produce </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">according </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">approved </font><font style="font-family: 'Times New Roman'; line-height: inherit;">type </font><font style="font-family: 'Times New Roman'; line-height: inherit;">design. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Our plan </font><font style="font-family: 'Times New Roman'; line-height: inherit;">involves </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manufacturing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the vehicle </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in Brazil </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(under </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ANAC </font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8217;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">regulations) </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and, according </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">evolution </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of market </font><font style="font-family: 'Times New Roman'; line-height: inherit;">demand, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">other production </font><font style="font-family: 'Times New Roman'; line-height: inherit;">facilities </font><font style="font-family: 'Times New Roman'; line-height: inherit;">shall </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be implemented, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be located </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in </font><font style="font-family: 'Times New Roman'; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">countries </font><font style="font-family: 'Times New Roman'; line-height: inherit;">outside </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Brazil, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">such as the U.S. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or Europe. Production </font><font style="font-family: 'Times New Roman'; line-height: inherit;">approval </font><font style="font-family: 'Times New Roman'; line-height: inherit;">involves </font><font style="font-family: 'Times New Roman'; line-height: inherit;">local </font><font style="font-family: 'Times New Roman'; line-height: inherit;">authority </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manufacturing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">approval </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and extensive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ongoing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">oversight </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of mass-produced </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to obtain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">production </font><font style="font-family: 'Times New Roman'; line-height: inherit;">approval </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ANAC, the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">FAA, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">EASA </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or local </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Civil </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Aviation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Authority </font><font style="font-family: 'Times New Roman'; line-height: inherit;">imposes </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unanticipated </font><font style="font-family: 'Times New Roman'; line-height: inherit;">restrictions </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as a condition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of approval, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our projected </font><font style="font-family: 'Times New Roman'; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of production </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">increase </font><font style="font-family: 'Times New Roman'; line-height: inherit;">substantially. </font> </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">The timing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our production </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ramp </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">dependent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">upon finalizing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">certain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aspects </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">design, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">engineering, component </font><font style="font-family: 'Times New Roman'; line-height: inherit;">procurement, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">testing, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">build </font><font style="font-family: 'Times New Roman'; line-height: inherit;">out, and manufacturing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">plans </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in a timely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manner </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and upon our ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to execute </font><font style="font-family: 'Times New Roman'; line-height: inherit;">these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">plans </font><font style="font-family: 'Times New Roman'; line-height: inherit;">within </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">current </font><font style="font-family: 'Times New Roman'; line-height: inherit;">timeline. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">It </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; line-height: inherit;">dependent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on being </font><font style="font-family: 'Times New Roman'; line-height: inherit;">able </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to timely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">obtain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Production Certification </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">respective </font><font style="font-family: 'Times New Roman'; line-height: inherit;">local </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Civil </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Aviation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Authority. </font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">Crashes, accidents </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or incidents </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">of eVTOL </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or involving </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">UATM </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">solutions, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or lithium </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">batteries </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">involving </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">us </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or our competitors </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">could have a material </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">effect </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">on our business, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">condition, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">of operations. </font> </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Test </font><font style="font-family: 'Times New Roman'; line-height: inherit;">flying </font><font style="font-family: 'Times New Roman'; line-height: inherit;">prototype </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">inherently </font><font style="font-family: 'Times New Roman'; line-height: inherit;">risky, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and crashes, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">accidents </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or incidents </font><font style="font-family: 'Times New Roman'; line-height: inherit;">involving </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">possible. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Any such occurrence </font><font style="font-family: 'Times New Roman'; line-height: inherit;">would negatively </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our development, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">testing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and certification </font><font style="font-family: 'Times New Roman'; line-height: inherit;">efforts, and could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in re-design, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">certification </font><font style="font-family: 'Times New Roman'; line-height: inherit;">delay </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and/or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">postponements </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or delays </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to our commercial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">service launch. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">The operation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">subject </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to various </font><font style="font-family: 'Times New Roman'; line-height: inherit;">risks, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and we expect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">demand </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and our UAM </font><font style="font-family: 'Times New Roman'; line-height: inherit;">services </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to be impacted </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by accidents </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">safety </font><font style="font-family: 'Times New Roman'; line-height: inherit;">issues </font><font style="font-family: 'Times New Roman'; line-height: inherit;">regardless </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of whether </font><font style="font-family: 'Times New Roman'; line-height: inherit;">such accidents </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or issues involve </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Such accidents </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or incidents </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have a material </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on our ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to obtain ANAC, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">FAA </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and EASA </font><font style="font-family: 'Times New Roman'; line-height: inherit;">certifications </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or to obtain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">such certifications </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in a timely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manner. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Such events </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">confidence </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in a particular </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">type </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">air </font><font style="font-family: 'Times New Roman'; line-height: inherit;">transportation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">services </font><font style="font-family: 'Times New Roman'; line-height: inherit;">industry </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as a whole,&nbsp; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">particularly </font><font style="font-family: 'Times New Roman'; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">such accidents </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or disasters </font><font style="font-family: 'Times New Roman'; line-height: inherit;">were due to a safety </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fault. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We believe </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">regulators </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">general public </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">still </font><font style="font-family: 'Times New Roman'; line-height: inherit;">forming </font><font style="font-family: 'Times New Roman'; line-height: inherit;">their </font><font style="font-family: 'Times New Roman'; line-height: inherit;">opinions </font><font style="font-family: 'Times New Roman'; line-height: inherit;">about </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">safety </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and utility </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">highly </font><font style="font-family: 'Times New Roman'; line-height: inherit;">reliant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on </font><font style="font-family: 'Times New Roman'; line-height: inherit;">lithium </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ion </font><font style="font-family: 'Times New Roman'; line-height: inherit;">batteries, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and/or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">advanced </font><font style="font-family: 'Times New Roman'; line-height: inherit;">flight </font><font style="font-family: 'Times New Roman'; line-height: inherit;">control </font><font style="font-family: 'Times New Roman'; line-height: inherit;">software </font><font style="font-family: 'Times New Roman'; line-height: inherit;">capabilities. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">An accident </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or incident </font><font style="font-family: 'Times New Roman'; line-height: inherit;">involving </font><font style="font-family: 'Times New Roman'; line-height: inherit;">either </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or a competitor </font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8217;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">during </font><font style="font-family: 'Times New Roman'; line-height: inherit;">these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">early </font><font style="font-family: 'Times New Roman'; line-height: inherit;">stages </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of opinion </font><font style="font-family: 'Times New Roman'; line-height: inherit;">formation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have a disproportionate impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">longer-term </font><font style="font-family: 'Times New Roman'; line-height: inherit;">view of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">emerging </font><font style="font-family: 'Times New Roman'; line-height: inherit;">UAM </font><font style="font-family: 'Times New Roman'; line-height: inherit;">market. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">We are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">risk </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of adverse </font><font style="font-family: 'Times New Roman'; line-height: inherit;">publicity </font><font style="font-family: 'Times New Roman'; line-height: inherit;">stemming </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any public </font><font style="font-family: 'Times New Roman'; line-height: inherit;">incident </font><font style="font-family: 'Times New Roman'; line-height: inherit;">involving </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our company, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our controlling </font><font style="font-family: 'Times New Roman'; line-height: inherit;">stockholder, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our people, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our </font><font style="font-family: 'Times New Roman'; line-height: inherit;">brand </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">companies </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in our industry. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Such an incident </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">involve the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">actual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or alleged </font><font style="font-family: 'Times New Roman'; line-height: inherit;">behavior </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of any of our employees </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or third-party </font><font style="font-family: 'Times New Roman'; line-height: inherit;">contractors, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ERJ </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and its </font><font style="font-family: 'Times New Roman'; line-height: inherit;">other subsidiaries, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">employees </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or contractors </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our competitors. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Further, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our personnel, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or other types </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of aircraft, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ERJ</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8217;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our competitors, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">involved </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in a public incident, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">accident, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">catastrophe </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or regulatory </font><font style="font-family: 'Times New Roman'; line-height: inherit;">enforcement </font><font style="font-family: 'Times New Roman'; line-height: inherit;">action, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be exposed </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to significant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">reputational harm </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and potential </font><font style="font-family: 'Times New Roman'; line-height: inherit;">legal </font><font style="font-family: 'Times New Roman'; line-height: inherit;">liability. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">The insurance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we carry </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be inapplicable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or inadequate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to cover </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any such incident, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">accident, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">catastrophe </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or action. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">In the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">event </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our insurance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">inapplicable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or inadequate, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be </font><font style="font-family: 'Times New Roman'; line-height: inherit;">forced </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to bear </font><font style="font-family: 'Times New Roman'; line-height: inherit;">substantial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">losses </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">an incident </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or accident. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">In addition, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">any such incident, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">accident, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">catastrophe </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or action </font><font style="font-family: 'Times New Roman'; line-height: inherit;">involving </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our employees, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our competitors </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">types </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could create </font><font style="font-family: 'Times New Roman'; line-height: inherit;">an adverse </font><font style="font-family: 'Times New Roman'; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; line-height: inherit;">perception, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">harm </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our reputation, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in passengers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">being </font><font style="font-family: 'Times New Roman'; line-height: inherit;">reluctant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to use our services, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and adversely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our business, financial condition, and </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">results </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of operations.</font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">Unsatisfactory </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">safety </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">performance </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">of our aircraft </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">could have a material </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">effect </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">on our business, financial </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">condition, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">of operations. </font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">While </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">building </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operational </font><font style="font-family: 'Times New Roman'; line-height: inherit;">processes </font><font style="font-family: 'Times New Roman'; line-height: inherit;">designed </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to ensure </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">design, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">testing, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">manufacture, performance, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">operation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and servicing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">meet </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rigorous </font><font style="font-family: 'Times New Roman'; line-height: inherit;">quality </font><font style="font-family: 'Times New Roman'; line-height: inherit;">standards, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">there </font><font style="font-family: 'Times New Roman'; line-height: inherit;">can be no assurance that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not experience </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operational </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or process </font><font style="font-family: 'Times New Roman'; line-height: inherit;">failures </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">problems, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">through </font><font style="font-family: 'Times New Roman'; line-height: inherit;">flight </font><font style="font-family: 'Times New Roman'; line-height: inherit;">test accidents </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or incidents, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">manufacturing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or design </font><font style="font-family: 'Times New Roman'; line-height: inherit;">defects, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">pilot </font><font style="font-family: 'Times New Roman'; line-height: inherit;">error, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">cyber-attacks </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">intentional </font><font style="font-family: 'Times New Roman'; line-height: inherit;">acts, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">that could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in potential </font><font style="font-family: 'Times New Roman'; line-height: inherit;">safety </font><font style="font-family: 'Times New Roman'; line-height: inherit;">risks. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Any actual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or perceived </font><font style="font-family: 'Times New Roman'; line-height: inherit;">safety </font><font style="font-family: 'Times New Roman'; line-height: inherit;">issues </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in significant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">reputational harm </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to our businesses, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">in addition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to tort </font><font style="font-family: 'Times New Roman'; line-height: inherit;">liability, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">maintenance, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">increased </font><font style="font-family: 'Times New Roman'; line-height: inherit;">safety </font><font style="font-family: 'Times New Roman'; line-height: inherit;">infrastructure </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">costs that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">arise. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Such issues </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in delaying </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or cancelling </font><font style="font-family: 'Times New Roman'; line-height: inherit;">planned </font><font style="font-family: 'Times New Roman'; line-height: inherit;">flights, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">increased </font><font style="font-family: 'Times New Roman'; line-height: inherit;">regulation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or other systemic </font><font style="font-family: 'Times New Roman'; line-height: inherit;">consequences. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Our inability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to meet </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our safety </font><font style="font-family: 'Times New Roman'; line-height: inherit;">standards </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or adverse </font><font style="font-family: 'Times New Roman'; line-height: inherit;">publicity </font><font style="font-family: 'Times New Roman'; line-height: inherit;">affecting </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our reputation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as a result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">accidents, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">mechanical </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or operational </font><font style="font-family: 'Times New Roman'; line-height: inherit;">failures, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">safety </font><font style="font-family: 'Times New Roman'; line-height: inherit;">incidents </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have a material </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adverse effect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on our business, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of operations. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">In addition, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be grounded </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by regulatory </font><font style="font-family: 'Times New Roman'; line-height: inherit;">authorities </font><font style="font-family: 'Times New Roman'; line-height: inherit;">due to safety </font><font style="font-family: 'Times New Roman'; line-height: inherit;">concerns </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have a material </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on our business, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">financial condition,&nbsp;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">results </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of operations.</font> </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">We currently </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">rely </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and will </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">continue </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to rely </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">on ERJ </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to provide </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">services, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">products, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">parts </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and components required </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to develop </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and certify </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">our aircraft </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and to supply </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">critical </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">services, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">components </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and systems </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">necessary for </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">our operations, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">which exposes </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">us to a number of risks </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and uncertainties </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">outside </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">our control. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">While </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have our own engineering </font><font style="font-family: 'Times New Roman'; line-height: inherit;">capabilities, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be substantially </font><font style="font-family: 'Times New Roman'; line-height: inherit;">reliant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on ERJ, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our controlling </font><font style="font-family: 'Times New Roman'; line-height: inherit;">stockholder, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">to provide </font><font style="font-family: 'Times New Roman'; line-height: inherit;">us with development, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">certification </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">services </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and supply </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircrafts, at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">least </font><font style="font-family: 'Times New Roman'; line-height: inherit;">initially, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">pursuant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to the MSAs</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Additionally, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">ERJ </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on its </font><font style="font-family: 'Times New Roman'; line-height: inherit;">suppliers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">providers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">parts </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and components </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in our aircraft. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">ERJ </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">currently </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our sole </font><font style="font-family: 'Times New Roman'; line-height: inherit;">supplier </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of aircraft development </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and certain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">services. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We or ERJ </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">also, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">in some </font><font style="font-family: 'Times New Roman'; line-height: inherit;">cases, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">subject </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to sole </font><font style="font-family: 'Times New Roman'; line-height: inherit;">source </font><font style="font-family: 'Times New Roman'; line-height: inherit;">suppliers for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">certain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">parts </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">components </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">which we rely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on, or may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be reliant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on, to achieve </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our projected </font><font style="font-family: 'Times New Roman'; line-height: inherit;">type certification. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">While </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we believe </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be able </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to establish </font><font style="font-family: 'Times New Roman'; line-height: inherit;">alternate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">supply </font><font style="font-family: 'Times New Roman'; line-height: inherit;">relationships </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and can obtain replacement </font><font style="font-family: 'Times New Roman'; line-height: inherit;">components, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be unable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to do so in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">short </font><font style="font-family: 'Times New Roman'; line-height: inherit;">term </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">prices </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">favorable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to us or at all. These disruptions </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in our supply </font><font style="font-family: 'Times New Roman'; line-height: inherit;">chain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">lead </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to delays </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">development, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">type </font><font style="font-family: 'Times New Roman'; line-height: inherit;">certification </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and production, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">materially </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our business, </font>financial condition, and results of operations. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">We currently </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">do not have a defined </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">strategy </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">the manufacturing </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">of our aircraft </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">following </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">type </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">certification, which exposes </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">us to </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">a number of </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">risks </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and uncertainties </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">outside </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">our control. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">We have not decided </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on a strategy </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manufacturing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">following </font><font style="font-family: 'Times New Roman'; line-height: inherit;">type </font><font style="font-family: 'Times New Roman'; line-height: inherit;">certification. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on ERJ </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to provide </font><font style="font-family: 'Times New Roman'; line-height: inherit;">services, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">products, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">parts </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and components </font><font style="font-family: 'Times New Roman'; line-height: inherit;">required </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to manufacture </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to sell </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to final </font><font style="font-family: 'Times New Roman'; line-height: inherit;">customers. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Depending on our defined </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manufacturing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">strategy, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be subject </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to sole </font><font style="font-family: 'Times New Roman'; line-height: inherit;">source suppliers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">certain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">parts </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">components </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">which we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be reliant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on to achieve </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our projected </font><font style="font-family: 'Times New Roman'; line-height: inherit;">high- volume </font><font style="font-family: 'Times New Roman'; line-height: inherit;">production </font><font style="font-family: 'Times New Roman'; line-height: inherit;">numbers. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">This supply </font><font style="font-family: 'Times New Roman'; line-height: inherit;">chain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">expose </font><font style="font-family: 'Times New Roman'; line-height: inherit;">us to multiple </font><font style="font-family: 'Times New Roman'; line-height: inherit;">potential </font><font style="font-family: 'Times New Roman'; line-height: inherit;">sources </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of delivery </font><font style="font-family: 'Times New Roman'; line-height: inherit;">failure </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or component </font><font style="font-family: 'Times New Roman'; line-height: inherit;">shortages </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">While </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we believe </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be able </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to establish </font><font style="font-family: 'Times New Roman'; line-height: inherit;">alternate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">supply relationships </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and can obtain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">replacement </font><font style="font-family: 'Times New Roman'; line-height: inherit;">components, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be unable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to do so in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">short </font><font style="font-family: 'Times New Roman'; line-height: inherit;">term </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">all </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at prices </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">favorable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to us. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any of our suppliers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">partners </font><font style="font-family: 'Times New Roman'; line-height: inherit;">were to experience </font><font style="font-family: 'Times New Roman'; line-height: inherit;">delays, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">disruptions, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">capacity </font><font style="font-family: 'Times New Roman'; line-height: inherit;">constraints </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or quality </font><font style="font-family: 'Times New Roman'; line-height: inherit;">control </font><font style="font-family: 'Times New Roman'; line-height: inherit;">problems </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in its </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manufacturing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operations, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">they </font><font style="font-family: 'Times New Roman'; line-height: inherit;">choose </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to not do business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with us, we </font><font style="font-family: 'Times New Roman'; line-height: inherit;">would </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have significant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">difficulty </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in procuring, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">producing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and delivering </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and our business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">prospects </font><font style="font-family: 'Times New Roman'; line-height: inherit;">would be significantly </font><font style="font-family: 'Times New Roman'; line-height: inherit;">harmed. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">These disruptions </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in our supply </font><font style="font-family: 'Times New Roman'; line-height: inherit;">chains </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">cause </font><font style="font-family: 'Times New Roman'; line-height: inherit;">delays </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in our production </font><font style="font-family: 'Times New Roman'; line-height: inherit;">process </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">both prototype </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and commercial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">production </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">which would negatively </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our revenues, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">competitive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">position </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and reputation. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Outside </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">markets </font><font style="font-family: 'Times New Roman'; line-height: inherit;">where the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manufacturing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">takes </font><font style="font-family: 'Times New Roman'; line-height: inherit;">place, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on third </font><font style="font-family: 'Times New Roman'; line-height: inherit;">parties </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to transport </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and reassemble </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">close </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to customer </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operations. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">In addition, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our suppliers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">partners may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on certain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">state </font><font style="font-family: 'Times New Roman'; line-height: inherit;">tax </font><font style="font-family: 'Times New Roman'; line-height: inherit;">incentives </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be subject </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to change </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or elimination </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">future, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which could result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in additional </font><font style="font-family: 'Times New Roman'; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and delays </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in production </font><font style="font-family: 'Times New Roman'; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a manufacturing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">site </font><font style="font-family: 'Times New Roman'; line-height: inherit;">must </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be obtained. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Further, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we are unable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">successfully manage </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our relationship </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with our suppliers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">partners, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">quality </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and availability of our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be harmed. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Our suppliers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">partners </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; line-height: inherit;">some </font><font style="font-family: 'Times New Roman'; line-height: inherit;">circumstances, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">decline </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to accept </font><font style="font-family: 'Times New Roman'; line-height: inherit;">new purchase </font><font style="font-family: 'Times New Roman'; line-height: inherit;">orders </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or otherwise </font><font style="font-family: 'Times New Roman'; line-height: inherit;">reduce </font><font style="font-family: 'Times New Roman'; line-height: inherit;">their </font><font style="font-family: 'Times New Roman'; line-height: inherit;">business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with us. If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our suppliers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">partners stop </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or reduce </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manufacturing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">components </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any reason, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be unable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to replace </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">lost manufacturing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">capacity </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on a timely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and comparatively </font><font style="font-family: 'Times New Roman'; line-height: inherit;">cost-effective </font><font style="font-family: 'Times New Roman'; line-height: inherit;">basis, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which would adversely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">its operations. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">The manufacturing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">facilities </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our suppliers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">partners </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">equipment </font><font style="font-family: 'Times New Roman'; line-height: inherit;">used to manufacture </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">would be costly </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">require </font><font style="font-family: 'Times New Roman'; line-height: inherit;">substantial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">lead </font><font style="font-family: 'Times New Roman'; line-height: inherit;">time </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to replace </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and qualify </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">use. The manufacturing facilities </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our suppliers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">partners </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be harmed </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or rendered </font><font style="font-family: 'Times New Roman'; line-height: inherit;">inoperable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by natural </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or human-made disasters, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">earthquakes, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">flooding, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">fire </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and power outages, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or by health </font><font style="font-family: 'Times New Roman'; line-height: inherit;">epidemics, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">such as the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">recent COVID-19 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">pandemic, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">render </font><font style="font-family: 'Times New Roman'; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; line-height: inherit;">difficult </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or impossible </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">us to manufacture </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">some period </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of time. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">The inability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to manufacture </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">components </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">backlog </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could develop </font><font style="font-family: 'Times New Roman'; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manufacturing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">facilities </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our suppliers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">partners </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">inoperable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">even a short </font><font style="font-family: 'Times New Roman'; line-height: inherit;">period of time </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">loss </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of customers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or harm </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our reputation. </font> </font></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">We do not control </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ERJ </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or our other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">suppliers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">partners </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or such parties </font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8217;</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">labor </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">legal compliance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">practices, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">their </font><font style="font-family: 'Times New Roman'; line-height: inherit;">environmental, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">health </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and safety </font><font style="font-family: 'Times New Roman'; line-height: inherit;">practices. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ERJ </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or our other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">current suppliers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">partners, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or any other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">suppliers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">partners </font><font style="font-family: 'Times New Roman'; line-height: inherit;">which we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">use in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">future, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">violates U.S. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or foreign </font><font style="font-family: 'Times New Roman'; line-height: inherit;">laws or regulations, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be subjected </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to extra </font><font style="font-family: 'Times New Roman'; line-height: inherit;">duties, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">significant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">monetary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">penalties, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">adverse publicity, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">seizure </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and forfeiture </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of products </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">attempting </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to import </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">loss </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our import privileges. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">The effects </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">factors </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">render </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">conduct </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in a particular </font><font style="font-family: 'Times New Roman'; line-height: inherit;">country undesirable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or impractical </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and have a negative </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact business, financial condition, and results of operations.</font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Furthermore, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we experience </font><font style="font-family: 'Times New Roman'; line-height: inherit;">significant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">increased </font><font style="font-family: 'Times New Roman'; line-height: inherit;">demand, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or need to replace </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our existing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">suppliers, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">there can be no assurance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">additional </font><font style="font-family: 'Times New Roman'; line-height: inherit;">supplies </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manufacturing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">services </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or products, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">parts </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or other components </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be available </font><font style="font-family: 'Times New Roman'; line-height: inherit;">when required </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on terms </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">acceptable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to us, or at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">all, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any supplier would allocate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">sufficient </font><font style="font-family: 'Times New Roman'; line-height: inherit;">supplies </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to us in order </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to meet </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our requirements </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or fill </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our orders </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in a timely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manner. These disruptions </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in our supply </font><font style="font-family: 'Times New Roman'; line-height: inherit;">chain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">lead </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to delays </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">development </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and production, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which could materially </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our business, </font>financial condition, and results of operations.<br></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">Our agreements </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">with our customers </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and strategic </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">partners </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">are non-binding and constitute </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">all </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">the current orders </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">our aircraft. </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">we do not enter </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">into </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">definitive </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">agreements </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">with our customers, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or the conditions </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to our customer</font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">&#8217;</font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">orders </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">(if </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">any) are not met, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or if </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">such orders </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">(if </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">any) are cancelled, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">modified </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or delayed, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">our prospects, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">results </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">of operations, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">liquidity </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and cash flow will </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">be harmed. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Our agreements </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with potential </font><font style="font-family: 'Times New Roman'; line-height: inherit;">customers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and strategic </font><font style="font-family: 'Times New Roman'; line-height: inherit;">partners </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">non-binding </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and constitute </font><font style="font-family: 'Times New Roman'; line-height: inherit;">all </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">current </font><font style="font-family: 'Times New Roman'; line-height: inherit;">orders </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Such orders </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and agreements </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">subject </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to conditions, including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">parties </font><font style="font-family: 'Times New Roman'; line-height: inherit;">reaching </font><font style="font-family: 'Times New Roman'; line-height: inherit;">mutual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">agreement </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on certain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">material </font><font style="font-family: 'Times New Roman'; line-height: inherit;">terms, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">such as aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">specifications, warranties, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">usage </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and transfer </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">performance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">guarantees, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">delivery </font><font style="font-family: 'Times New Roman'; line-height: inherit;">periods </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">matters, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and entering </font><font style="font-family: 'Times New Roman'; line-height: inherit;">into </font><font style="font-family: 'Times New Roman'; line-height: inherit;">definitive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">agreements. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">The obligations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of such potential </font><font style="font-family: 'Times New Roman'; line-height: inherit;">customers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and strategic </font><font style="font-family: 'Times New Roman'; line-height: inherit;">partners </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to consummate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any order </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">arise </font><font style="font-family: 'Times New Roman'; line-height: inherit;">only after </font><font style="font-family: 'Times New Roman'; line-height: inherit;">all </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">such material </font><font style="font-family: 'Times New Roman'; line-height: inherit;">terms </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">agreed </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">discretion </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of each </font><font style="font-family: 'Times New Roman'; line-height: inherit;">party and we enter </font><font style="font-family: 'Times New Roman'; line-height: inherit;">into </font><font style="font-family: 'Times New Roman'; line-height: inherit;">definitive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">agreements </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with such potential </font><font style="font-family: 'Times New Roman'; line-height: inherit;">customers. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Further, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">such definitive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">agreements </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(if any) </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">likely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be subject </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to several </font><font style="font-family: 'Times New Roman'; line-height: inherit;">conditions, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">example, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">certification </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by the ANAC, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">FAA, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">EASA </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aviation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">authorities, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">likely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be subject </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to termination </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rights. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we do not enter </font><font style="font-family: 'Times New Roman'; line-height: inherit;">into </font><font style="font-family: 'Times New Roman'; line-height: inherit;">definitive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">agreements </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with our potential </font><font style="font-family: 'Times New Roman'; line-height: inherit;">customers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and strategic </font><font style="font-family: 'Times New Roman'; line-height: inherit;">partners </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or, if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">after </font><font style="font-family: 'Times New Roman'; line-height: inherit;">entering </font><font style="font-family: 'Times New Roman'; line-height: inherit;">into definitive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">agreements, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we do not meet </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">agreed </font><font style="font-family: 'Times New Roman'; line-height: inherit;">conditions </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or any orders </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">cancelled, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">modified </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or delayed, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or otherwise </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not consummated, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or we are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">otherwise </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to convert </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our strategic relationships </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or collaborations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">into </font><font style="font-family: 'Times New Roman'; line-height: inherit;">sales </font><font style="font-family: 'Times New Roman'; line-height: inherit;">revenue, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our business, financial condition, and results of operations will be adversely affected.</font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">Our business </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">be adversely </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">affected </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">by union activities. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Most </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our employees </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">located </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Brazil. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">It </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">common </font><font style="font-family: 'Times New Roman'; line-height: inherit;">throughout </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aerospace </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and airline </font><font style="font-family: 'Times New Roman'; line-height: inherit;">industries generally </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and in Brazil </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">many </font><font style="font-family: 'Times New Roman'; line-height: inherit;">employees </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to belong </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to a union, which can result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in higher </font><font style="font-family: 'Times New Roman'; line-height: inherit;">employee </font><font style="font-family: 'Times New Roman'; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and increased </font><font style="font-family: 'Times New Roman'; line-height: inherit;">risk </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of work stoppages. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Our Brazilian </font><font style="font-family: 'Times New Roman'; line-height: inherit;">employees </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">currently </font><font style="font-family: 'Times New Roman'; line-height: inherit;">represented </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by one or more </font><font style="font-family: 'Times New Roman'; line-height: inherit;">labor </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unions. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">As we expand our business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">there </font><font style="font-family: 'Times New Roman'; line-height: inherit;">can be no assurances </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">more </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our employees </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not join </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or form </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a labor </font><font style="font-family: 'Times New Roman'; line-height: inherit;">union or that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not be required </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to become </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a union signatory. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; line-height: inherit;">directly </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or indirectly dependent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">upon companies </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with unionized </font><font style="font-family: 'Times New Roman'; line-height: inherit;">work forces, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">such as ERJ </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and parts </font><font style="font-family: 'Times New Roman'; line-height: inherit;">suppliers. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Work </font><font style="font-family: 'Times New Roman'; line-height: inherit;">stoppages </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or strikes </font><font style="font-family: 'Times New Roman'; line-height: inherit;">organized </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by such unions </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have a material </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on our business, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or operating </font><font style="font-family: 'Times New Roman'; line-height: inherit;">results. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a work stoppage </font><font style="font-family: 'Times New Roman'; line-height: inherit;">occurs, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">delay </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manufacture </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and sale </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and have a material </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; line-height: inherit;">effect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on our business,&nbsp;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">condition, and results of operations. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>26</font></font></td>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Regulatory </font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">&amp; Airspace </font> </font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">We may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">be unable to obtain </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">relevant </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">regulatory </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">approvals </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">the commercialization </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">of our aircraft </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">(including Type Certification, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">Production </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">Certification, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and Operating </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">Certification), </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">approvals </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">permitting </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">new infrastructure </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or access </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">existing </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">infrastructure </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or otherwise. </font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">The commercialization </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of new aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">requires </font><font style="font-family: 'Times New Roman'; line-height: inherit;">certain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">regulatory </font><font style="font-family: 'Times New Roman'; line-height: inherit;">authorizations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and certifications, including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Type Certification </font><font style="font-family: 'Times New Roman'; line-height: inherit;">issued </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">FAA </font><font style="font-family: 'Times New Roman'; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; line-height: inherit;">14 CFR </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Part </font><font style="font-family: 'Times New Roman'; line-height: inherit;">23 (ANAC </font><font style="font-family: 'Times New Roman'; line-height: inherit;">RBAC </font><font style="font-family: 'Times New Roman'; line-height: inherit;">23, EASA </font><font style="font-family: 'Times New Roman'; line-height: inherit;">SC-VTOL) with 14 CFR </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Part </font><font style="font-family: 'Times New Roman'; line-height: inherit;">135 (ANAC </font><font style="font-family: 'Times New Roman'; line-height: inherit;">RBAC </font><font style="font-family: 'Times New Roman'; line-height: inherit;">135) operations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">specifications. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">While </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we anticipate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">being </font><font style="font-family: 'Times New Roman'; line-height: inherit;">able </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to meet </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the requirements </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of any required </font><font style="font-family: 'Times New Roman'; line-height: inherit;">authorizations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and certificates, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be unable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to obtain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">such authorizations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and certifications </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on our anticipated </font><font style="font-family: 'Times New Roman'; line-height: inherit;">timeline, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">all. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Should we fail </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to obtain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">required </font><font style="font-family: 'Times New Roman'; line-height: inherit;">authorizations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or certificates </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in a timely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manner, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any such required </font><font style="font-family: 'Times New Roman'; line-height: inherit;">authorizations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or certificates </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">modified, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">suspended </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or revoked </font><font style="font-family: 'Times New Roman'; line-height: inherit;">after </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we obtain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">them, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be unable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to launch </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and related </font><font style="font-family: 'Times New Roman'; line-height: inherit;">services </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on our anticipated timeline, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">all, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which would have adverse </font><font style="font-family: 'Times New Roman'; line-height: inherit;">effects </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on our business,&nbsp;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">condition, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">results of operations. </font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">Changes in government </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">regulation </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">imposing </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">additional </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">requirements </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and restrictions </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">on our operations </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">could increase </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">our operating </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and result </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">in service </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">delays </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and disruptions. </font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Aerospace </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manufacturers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">subject </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to extensive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">regulatory </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and legal </font><font style="font-family: 'Times New Roman'; line-height: inherit;">requirements </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">involve </font><font style="font-family: 'Times New Roman'; line-height: inherit;">significant compliance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">costs. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">The ANAC, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">FAA, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">EASA </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">regulators </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">issue </font><font style="font-family: 'Times New Roman'; line-height: inherit;">regulations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">relating </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operation of eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">require </font><font style="font-family: 'Times New Roman'; line-height: inherit;">significant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">expenditures. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Implementation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">requirements </font><font style="font-family: 'Times New Roman'; line-height: inherit;">created </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by such regulations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in increased </font><font style="font-family: 'Times New Roman'; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our customers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and us. </font> </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Additional </font><font style="font-family: 'Times New Roman'; line-height: inherit;">laws, regulations, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">taxes </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">airport </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rates </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and charges </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have been proposed </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">time </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to time </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">significantly </font><font style="font-family: 'Times New Roman'; line-height: inherit;">increase </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">cost </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of UAM operations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or reduce </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">demand </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">air </font><font style="font-family: 'Times New Roman'; line-height: inherit;">travel. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adopted, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">measures </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">effect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of raising </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fares and reducing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">demand. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We cannot </font><font style="font-family: 'Times New Roman'; line-height: inherit;">assure </font><font style="font-family: 'Times New Roman'; line-height: inherit;">you that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">laws or regulations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">enacted </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">future </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not harm </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our business. </font> </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">The UAM </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">Business is </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">subject </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to stringent </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">U.S. </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">export </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and import </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">control </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">laws and regulations. </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">Unfavorable changes in these </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">laws and regulations </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or U.S. </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">government </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">licensing </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">policies, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">our failure </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to secure </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">timely </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">U.S. government </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">authorizations </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">under these </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">laws and regulations, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or our failure </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to comply </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">with these </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">laws and regulations </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">could have a material </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">effect </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">on our business, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">of operation. </font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Our business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">subject </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to stringent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">U.S. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">import </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and export </font><font style="font-family: 'Times New Roman'; line-height: inherit;">control </font><font style="font-family: 'Times New Roman'; line-height: inherit;">laws and regulations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as well </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as economic sanctions </font><font style="font-family: 'Times New Roman'; line-height: inherit;">laws and regulations. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">required </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to import </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and export </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our products, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">software, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">technology </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and services, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">as well </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as run our operations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">United </font><font style="font-family: 'Times New Roman'; line-height: inherit;">States, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">in full </font><font style="font-family: 'Times New Roman'; line-height: inherit;">compliance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with such laws and regulations,&nbsp; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">which may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">include </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">EAR, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">International </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Traffic </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in Arms </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Regulations </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">ITA </font><font style="font-family: 'Times New Roman'; font-weight: bold; letter-spacing: -0.05pt; line-height: inherit;">R</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">), </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and economic </font><font style="font-family: 'Times New Roman'; line-height: inherit;">sanctions administered </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Department </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of State </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Treasury </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Department</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8217;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Office </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of Foreign </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Assets </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Control (OFAC). </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Similar </font><font style="font-family: 'Times New Roman'; line-height: inherit;">laws that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">exist </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">jurisdictions. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">These foreign </font><font style="font-family: 'Times New Roman'; line-height: inherit;">trade </font><font style="font-family: 'Times New Roman'; line-height: inherit;">controls </font><font style="font-family: 'Times New Roman'; line-height: inherit;">prohibit, restrict, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or regulate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to, directly </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or indirectly, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">export, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">deemed </font><font style="font-family: 'Times New Roman'; line-height: inherit;">export, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">re-export, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">deemed </font><font style="font-family: 'Times New Roman'; line-height: inherit;">re-export </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or transfer </font><font style="font-family: 'Times New Roman'; line-height: inherit;">certain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">hardware, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">technical </font><font style="font-family: 'Times New Roman'; line-height: inherit;">data, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">technology, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">software, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or services </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to certain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">countries, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">territories, entities, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">individuals </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and end users. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">found to be in violation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">laws and regulations, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">result in civil </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and criminal, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">monetary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and non-monetary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">penalties, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">loss </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of export </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or import </font><font style="font-family: 'Times New Roman'; line-height: inherit;">privileges, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">debarment </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and reputational </font><font style="font-family: 'Times New Roman'; line-height: inherit;">harm. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">While </font><font style="font-family: 'Times New Roman'; line-height: inherit;">none of our current </font><font style="font-family: 'Times New Roman'; line-height: inherit;">technologies </font><font style="font-family: 'Times New Roman'; line-height: inherit;">require </font><font style="font-family: 'Times New Roman'; line-height: inherit;">us to maintain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a registration </font><font style="font-family: 'Times New Roman'; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ITAR, we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">become </font><font style="font-family: 'Times New Roman'; line-height: inherit;">subject </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to ITAR </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">future, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have a material </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; line-height: inherit;">effect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on our business, financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of operations.&nbsp; </font> </font></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Pursuant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">international </font><font style="font-family: 'Times New Roman'; line-height: inherit;">trade </font><font style="font-family: 'Times New Roman'; line-height: inherit;">control </font><font style="font-family: 'Times New Roman'; line-height: inherit;">laws and regulations, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">required, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">among </font><font style="font-family: 'Times New Roman'; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">things, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">to&nbsp; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; line-height: inherit;">i</font><font style="font-family: 'Times New Roman'; line-height: inherit;">)</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">determine </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">proper </font><font style="font-family: 'Times New Roman'; line-height: inherit;">licensing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">jurisdiction </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and export </font><font style="font-family: 'Times New Roman'; line-height: inherit;">classification </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of products, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">software, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and technology,&nbsp; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and (ii) </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">obtain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">licenses </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">forms </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of U.S. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">government </font><font style="font-family: 'Times New Roman'; line-height: inherit;">authorization </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to engage </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">conduct </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our business. The authorization </font><font style="font-family: 'Times New Roman'; line-height: inherit;">requirements </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">include </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">need to get </font><font style="font-family: 'Times New Roman'; line-height: inherit;">permission </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to release </font><font style="font-family: 'Times New Roman'; line-height: inherit;">controlled </font><font style="font-family: 'Times New Roman'; line-height: inherit;">technology </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">certain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">foreign </font><font style="font-family: 'Times New Roman'; line-height: inherit;">person </font><font style="font-family: 'Times New Roman'; line-height: inherit;">employees </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">foreign </font><font style="font-family: 'Times New Roman'; line-height: inherit;">persons. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">The authorization </font><font style="font-family: 'Times New Roman'; line-height: inherit;">requirements </font><font style="font-family: 'Times New Roman'; line-height: inherit;">further </font><font style="font-family: 'Times New Roman'; line-height: inherit;">include </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the need to ensure </font><font style="font-family: 'Times New Roman'; line-height: inherit;">compliance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with trade </font><font style="font-family: 'Times New Roman'; line-height: inherit;">controls </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as they </font><font style="font-family: 'Times New Roman'; line-height: inherit;">apply </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">cross-border </font><font style="font-family: 'Times New Roman'; line-height: inherit;">release </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of products, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">software, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and technology </font><font style="font-family: 'Times New Roman'; line-height: inherit;">among </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our personnel </font><font style="font-family: 'Times New Roman'; line-height: inherit;">located </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">U.S. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and abroad. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Changes in U.S. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">foreign </font><font style="font-family: 'Times New Roman'; line-height: inherit;">trade </font><font style="font-family: 'Times New Roman'; line-height: inherit;">control </font><font style="font-family: 'Times New Roman'; line-height: inherit;">laws and regulations, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or reclassifications </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our products </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or technologies, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">restrict </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our operations. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">The inability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to secure </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and maintain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">necessary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">licenses </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">authorizations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">negatively </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to compete successfully </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or to operate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as planned. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Any changes </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">export </font><font style="font-family: 'Times New Roman'; line-height: inherit;">control </font><font style="font-family: 'Times New Roman'; line-height: inherit;">regulations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or U.S. government </font><font style="font-family: 'Times New Roman'; line-height: inherit;">licensing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">policy, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">such as those </font><font style="font-family: 'Times New Roman'; line-height: inherit;">necessary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to implement </font><font style="font-family: 'Times New Roman'; line-height: inherit;">U.S. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">government </font><font style="font-family: 'Times New Roman'; line-height: inherit;">commitments </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to multilateral control </font><font style="font-family: 'Times New Roman'; line-height: inherit;">regimes, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">restrict </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our operations. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Given the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">great </font><font style="font-family: 'Times New Roman'; line-height: inherit;">discretion </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">government </font><font style="font-family: 'Times New Roman'; line-height: inherit;">has in issuing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or denying such authorizations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to advance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">U.S. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">national </font><font style="font-family: 'Times New Roman'; line-height: inherit;">security </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and foreign </font><font style="font-family: 'Times New Roman'; line-height: inherit;">policy </font><font style="font-family: 'Times New Roman'; line-height: inherit;">interests, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">there </font><font style="font-family: 'Times New Roman'; line-height: inherit;">can be no assurance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be successful </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in our future </font><font style="font-family: 'Times New Roman'; line-height: inherit;">efforts </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to secure </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and maintain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">necessary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">licenses, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">registrations, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">U.S. government </font><font style="font-family: 'Times New Roman'; line-height: inherit;">regulatory </font><font style="font-family: 'Times New Roman'; line-height: inherit;">approvals. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">We will </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">be subject </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to rapidly </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">changing and increasingly </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">stringent </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">laws, regulations, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">industry </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">standards, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">obligations </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">relating </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to privacy, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">data protection, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and data security. </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">The restrictions </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and costs </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">imposed </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">by these </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">requirements, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or our actual </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or perceived </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">failure </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to comply </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">with them, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">could harm our business. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">We are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">subject </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to or are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">affected </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a number </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">federal, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">state </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and local </font><font style="font-family: 'Times New Roman'; line-height: inherit;">laws and regulations, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">as well </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as contractual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">obligations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and industry </font><font style="font-family: 'Times New Roman'; line-height: inherit;">standards, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impose </font><font style="font-family: 'Times New Roman'; line-height: inherit;">certain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">obligations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and restrictions </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with respect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to data </font><font style="font-family: 'Times New Roman'; line-height: inherit;">privacy </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and security, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and govern </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our collection, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">storage, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">retention, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">protection, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">use, processing, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">transmission, sharing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and disclosure </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of personal </font><font style="font-family: 'Times New Roman'; line-height: inherit;">information </font><font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our employees, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">customers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and others. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Most jurisdictions </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have enacted </font><font style="font-family: 'Times New Roman'; line-height: inherit;">laws requiring </font><font style="font-family: 'Times New Roman'; line-height: inherit;">companies </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to notify </font><font style="font-family: 'Times New Roman'; line-height: inherit;">individuals, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">regulatory </font><font style="font-family: 'Times New Roman'; line-height: inherit;">authorities </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and others </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of security </font><font style="font-family: 'Times New Roman'; line-height: inherit;">breaches </font><font style="font-family: 'Times New Roman'; line-height: inherit;">involving </font><font style="font-family: 'Times New Roman'; line-height: inherit;">certain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">types </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of data. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Such laws may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be inconsistent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">change </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or additional laws may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be adopted. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">In addition, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our agreements </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with certain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">customers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">require </font><font style="font-family: 'Times New Roman'; line-height: inherit;">us to notify </font><font style="font-family: 'Times New Roman'; line-height: inherit;">them </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the event </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of a security </font><font style="font-family: 'Times New Roman'; line-height: inherit;">breach. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Such mandatory </font><font style="font-family: 'Times New Roman'; line-height: inherit;">disclosures </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">costly, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">lead </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to negative </font><font style="font-family: 'Times New Roman'; line-height: inherit;">publicity, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in penalties </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or fines, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in litigation, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">cause </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our customers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to lose </font><font style="font-family: 'Times New Roman'; line-height: inherit;">confidence </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">effectiveness </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our security </font><font style="font-family: 'Times New Roman'; line-height: inherit;">measures </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and require </font><font style="font-family: 'Times New Roman'; line-height: inherit;">us to expend significant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">capital </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">resources </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to respond </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to and/or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">alleviate problems </font><font style="font-family: 'Times New Roman'; line-height: inherit;">caused </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">actual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or perceived </font><font style="font-family: 'Times New Roman'; line-height: inherit;">security </font><font style="font-family: 'Times New Roman'; line-height: inherit;">breach. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The global data protection landscape is rapidly evolving, and implementation standards and enforcement practices are likely to remain uncertain for the foreseeable future. Privacy, data protection and consumer protection laws may change or develop over time through judicial decisions or as new guidance or interpretations are provided by regulatory and governing bodies and such changes or developments may be contrary to our existing practices. In addition, we may not be able to monitor and react to all developments in a timely manner. For example, the California Consumer Privacy Act of 2018, which took effect on January 1, 2020, gives California residents expanded rights related to their personal information, including the right to access and delete their personal information, and receive detailed information about how their personal information is used and shared. Other laws relating to privacy, data protection, and data security have been passed or been proposed in other states and at the federal level, reflecting a trend toward more stringent privacy legislation in the United States. Compliance with any applicable privacy and data security laws and regulations is a rigorous and time- intensive process, and we may be required to put in place additional mechanisms to comply with such laws and regulations. In addition, the enactment of such laws could impose conflicting requirements that would make compliance challenging. </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Despite </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our efforts, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not be successful </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in complying </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rapidly </font><font style="font-family: 'Times New Roman'; line-height: inherit;">evolving </font><font style="font-family: 'Times New Roman'; line-height: inherit;">privacy, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">data protection, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and data </font><font style="font-family: 'Times New Roman'; line-height: inherit;">security </font><font style="font-family: 'Times New Roman'; line-height: inherit;">requirements </font><font style="font-family: 'Times New Roman'; line-height: inherit;">discussed </font><font style="font-family: 'Times New Roman'; line-height: inherit;">above. Any actual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or perceived </font><font style="font-family: 'Times New Roman'; line-height: inherit;">non-compliance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with such requirements </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in litigation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and proceedings </font><font style="font-family: 'Times New Roman'; line-height: inherit;">against </font><font style="font-family: 'Times New Roman'; line-height: inherit;">us by governmental </font><font style="font-family: 'Times New Roman'; line-height: inherit;">entities, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">passengers, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or others, fines, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">civil </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or criminal </font><font style="font-family: 'Times New Roman'; line-height: inherit;">penalties, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">limited </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or inability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to operate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our business, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">offer </font><font style="font-family: 'Times New Roman'; line-height: inherit;">services, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or market </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our platform </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in certain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">jurisdictions, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">negative </font><font style="font-family: 'Times New Roman'; line-height: inherit;">publicity </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and harm </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to our brand </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and reputation. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be required </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to expend significant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">capital </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">resources </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to address </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any such actual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or perceived </font><font style="font-family: 'Times New Roman'; line-height: inherit;">non-compliance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">which may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not be covered </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or fully </font><font style="font-family: 'Times New Roman'; line-height: inherit;">covered </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by our insurance. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Such actual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or perceived </font><font style="font-family: 'Times New Roman'; line-height: inherit;">non-compliance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have a material </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; line-height: inherit;">effect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on our business, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or results </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of operations. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Macroeconomic </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">The eVTOL </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">industry </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">not continue </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to develop, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">eVTOL </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">not be adopted </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">by the market or our independent </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">third-party </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">operators, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">eVTOL </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">not be certified </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">by transportation authorities </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or eVTOL </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">not deliver </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">the expected </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">reduction </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">in operating </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">costs, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">any of which could adversely </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">our prospects, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">business, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">of operations. </font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">involve </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a complex </font><font style="font-family: 'Times New Roman'; line-height: inherit;">set </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of technologies, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which we must </font><font style="font-family: 'Times New Roman'; line-height: inherit;">continue </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to further </font><font style="font-family: 'Times New Roman'; line-height: inherit;">develop </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and rely on our independent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">third-party </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operators </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to adopt. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">However, before </font><font style="font-family: 'Times New Roman'; line-height: inherit;">eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">can fly </font><font style="font-family: 'Times New Roman'; line-height: inherit;">passengers, we must </font><font style="font-family: 'Times New Roman'; line-height: inherit;">receive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">requisite </font><font style="font-family: 'Times New Roman'; line-height: inherit;">approvals </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">federal </font><font style="font-family: 'Times New Roman'; line-height: inherit;">transportation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">authorities. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">No eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">currently certified </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">FAA </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">commercial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">United </font><font style="font-family: 'Times New Roman'; line-height: inherit;">States, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">by ANAC </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">commercial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in Brazil </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or by the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">EASA </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">commercial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">European </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Union, and there </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">no assurance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our research </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and development </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in government-certified </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">market-viable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or commercially successful </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in a timely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manner </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">all. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">In order </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">gain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">government </font><font style="font-family: 'Times New Roman'; line-height: inherit;">certification, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">performance, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">reliability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and safety </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">must </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be proven, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">none of which can be assured. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Even if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">certified, individual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operators </font><font style="font-family: 'Times New Roman'; line-height: inherit;">must </font><font style="font-family: 'Times New Roman'; line-height: inherit;">conform </font><font style="font-family: 'Times New Roman'; line-height: inherit;">eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to their </font><font style="font-family: 'Times New Roman'; line-height: inherit;">licenses, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which requires </font><font style="font-family: 'Times New Roman'; line-height: inherit;">FAA </font><font style="font-family: 'Times New Roman'; line-height: inherit;">approval </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">U.S., </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">ANAC </font><font style="font-family: 'Times New Roman'; line-height: inherit;">approval </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in Brazil </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and EASA </font><font style="font-family: 'Times New Roman'; line-height: inherit;">approval </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">European </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Union, and individual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">pilots </font><font style="font-family: 'Times New Roman'; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; line-height: inherit;">must </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be licensed and approved </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">FAA, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">ANAC </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and EASA </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to fly </font><font style="font-family: 'Times New Roman'; line-height: inherit;">eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">U.S., </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Brazil </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and Europe, respectively, which could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">contribute </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to delays </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in any widespread </font><font style="font-family: 'Times New Roman'; line-height: inherit;">use of eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and potentially </font><font style="font-family: 'Times New Roman'; line-height: inherit;">limit </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">number </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operators </font><font style="font-family: 'Times New Roman'; line-height: inherit;">available </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to partner </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with us. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Additional </font><font style="font-family: 'Times New Roman'; line-height: inherit;">challenges </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adoption </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">all </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of which are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">outside </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our control, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">include: </font> </font></p>
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<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px; width: 3%; text-align: left;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="height: 17px; margin: 0px; text-indent: 0px; width: 93%;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">market </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">acceptance </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of eVTOL </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">aircraft; </font> </font></td>
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<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: left;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="height: 17px; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">state, </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">federal </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or municipal </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">licensing </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">requirements </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">regulatory </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">measures; </font> </font></td>
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<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: left;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="height: 17px; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">third-party </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">operators </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to develop </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and launch </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">aerial </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">ride </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">sharing </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">services; </font> </font></td>
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<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: left;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="height: 17px; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">urban </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">air </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">traffic </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">management </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">system </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">availability; </font> </font></td>
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<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: left;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="height: 17px; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">necessary </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">changes </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to<font style="line-height: inherit;">&nbsp;</font>vertiport </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">infrastructure </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to enable </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">adoption, </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">installation </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of necessary charging </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">equipment; </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and </font> </font></td>
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<td style="vertical-align: top; margin: 0px; text-indent: 0px; text-align: center;"><br></td>
<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: left;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="height: 17px; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">public </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">perception </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">regarding </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">noise </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and safety </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of<font style="line-height: inherit;">&nbsp;</font>eVTOL </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">aircraft. </font> </font></td>
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<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">There </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a number </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">existing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">laws, regulations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and standards </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">apply </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including standards </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">were not originally </font><font style="font-family: 'Times New Roman'; line-height: inherit;">intended </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to apply </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to electric </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Regulatory </font><font style="font-family: 'Times New Roman'; line-height: inherit;">changes </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">address </font><font style="font-family: 'Times New Roman'; line-height: inherit;">eVTOL aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">more </font><font style="font-family: 'Times New Roman'; line-height: inherit;">specifically </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">delay </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to receive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">type </font><font style="font-family: 'Times New Roman'; line-height: inherit;">certification </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by transportation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">authorities </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and thus </font><font style="font-family: 'Times New Roman'; line-height: inherit;">delay </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our independent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">third-party </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operators</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8217;</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to utilize </font><font style="font-family: 'Times New Roman'; line-height: inherit;">eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">their </font><font style="font-family: 'Times New Roman'; line-height: inherit;">flights. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">In </font><font style="font-family: 'Times New Roman'; line-height: inherit;">addition, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">there </font><font style="font-family: 'Times New Roman'; line-height: inherit;">can be no assurance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">accept </font><font style="font-family: 'Times New Roman'; line-height: inherit;">eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be able </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to execute </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on our business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">strategy, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our offerings </font><font style="font-family: 'Times New Roman'; line-height: inherit;">utilizing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">obtain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">necessary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">government operating </font><font style="font-family: 'Times New Roman'; line-height: inherit;">authority </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or be successful </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">market. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">There </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be heightened </font><font style="font-family: 'Times New Roman'; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; line-height: inherit;">skepticism </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to this </font><font style="font-family: 'Times New Roman'; line-height: inherit;">nascent technology </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and its </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adopters. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">In particular, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">there </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be negative </font><font style="font-family: 'Times New Roman'; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; line-height: inherit;">perception </font><font style="font-family: 'Times New Roman'; line-height: inherit;">surrounding </font><font style="font-family: 'Times New Roman'; line-height: inherit;">eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft, including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">overall </font><font style="font-family: 'Times New Roman'; line-height: inherit;">safety </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">potential </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">injuries </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or death </font><font style="font-family: 'Times New Roman'; line-height: inherit;">occurring </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as a result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of accidents </font><font style="font-family: 'Times New Roman'; line-height: inherit;">involving eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">regardless </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of whether </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any such safety </font><font style="font-family: 'Times New Roman'; line-height: inherit;">incidents </font><font style="font-family: 'Times New Roman'; line-height: inherit;">occur </font><font style="font-family: 'Times New Roman'; line-height: inherit;">involving </font><font style="font-family: 'Times New Roman'; line-height: inherit;">us. Any of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">foregoing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">risks and challenges </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">business, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of operations. </font> </font></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">We may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">be unable to protect </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">our intellectual </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">property </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">rights </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">unauthorized </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">use by third </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">parties. </font> </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Failure </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to adequately </font><font style="font-family: 'Times New Roman'; line-height: inherit;">protect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our intellectual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">property </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rights </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in our competitors </font><font style="font-family: 'Times New Roman'; line-height: inherit;">offering </font><font style="font-family: 'Times New Roman'; line-height: inherit;">similar products </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or services, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">potentially </font><font style="font-family: 'Times New Roman'; line-height: inherit;">resulting </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">loss </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of some </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our competitive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">advantage </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and a decrease </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in our revenue, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our business, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">prospects, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and operating </font><font style="font-family: 'Times New Roman'; line-height: inherit;">results. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Our success </font><font style="font-family: 'Times New Roman'; line-height: inherit;">depends, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">in part, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">on our ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to protect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our proprietary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">intellectual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">property </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rights, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">certain technologies </font><font style="font-family: 'Times New Roman'; line-height: inherit;">deployed </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we utilize </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in arranging </font><font style="font-family: 'Times New Roman'; line-height: inherit;">air </font><font style="font-family: 'Times New Roman'; line-height: inherit;">transportation. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">To date, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we have relied primarily </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on patents </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and trade </font><font style="font-family: 'Times New Roman'; line-height: inherit;">secrets </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">know-how), employee </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and third-party </font><font style="font-family: 'Times New Roman'; line-height: inherit;">non-disclosure agreements, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">copyrights, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">trademarks, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">intellectual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">property </font><font style="font-family: 'Times New Roman'; line-height: inherit;">licenses </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">contractual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rights </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to establish </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and protect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our proprietary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">technology. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Our software </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be subject </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to certain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">protection </font><font style="font-family: 'Times New Roman'; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; line-height: inherit;">copyright </font><font style="font-family: 'Times New Roman'; line-height: inherit;">law, though we have chosen </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not to register </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any of our copyrights </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in our software. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We routinely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">enter </font><font style="font-family: 'Times New Roman'; line-height: inherit;">into </font><font style="font-family: 'Times New Roman'; line-height: inherit;">non-disclosure </font><font style="font-family: 'Times New Roman'; line-height: inherit;">agreements </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with our employees, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">consultants, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">volunteers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in usability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">tests </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or collaborative sessions, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">third </font><font style="font-family: 'Times New Roman'; line-height: inherit;">parties </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">relevant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">persons </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and take </font><font style="font-family: 'Times New Roman'; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">measures </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to protect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our intellectual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">property rights, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">such as limiting </font><font style="font-family: 'Times New Roman'; line-height: inherit;">access </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to our trade </font><font style="font-family: 'Times New Roman'; line-height: inherit;">secrets </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">confidential </font><font style="font-family: 'Times New Roman'; line-height: inherit;">information. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We intend </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to continue </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to rely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">means, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">patent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">protection, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">future. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">The protection </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our intellectual property </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rights </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be important </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to our future </font><font style="font-family: 'Times New Roman'; line-height: inherit;">business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">opportunities. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">However, the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">steps </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we take </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to protect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our intellectual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">property </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unauthorized </font><font style="font-family: 'Times New Roman'; line-height: inherit;">use by others </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not be effective </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">various </font><font style="font-family: 'Times New Roman'; line-height: inherit;">reasons, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the following: </font> </font></p>
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<td style="height: 17px; vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 3%; text-align: left;" valign="top"><font style="font-size: 10pt; font-weight: bold;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></td>
<td style="height: 17px; width: 93%;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">as noted </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">below, any patent </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">applications </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">we submit </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">not result </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">issuance </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of patents</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">(and </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">some utility </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">patents </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">have not yet </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">been issued </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to us based </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">on our pending </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">applications</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">); </font> </font></td>
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<td style="height: 17px; vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: left;" valign="top"><font style="font-size: 10pt; font-weight: bold;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></td>
<td style="height: 17px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">scope </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of our utility </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">patents </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">subsequently </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">be issued </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">not be broad </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">enough to protect </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our proprietary </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">rights; </font> </font></td>
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<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: center;"><br></td>
<td style="height: 17px; vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: left;" valign="top"><font style="font-size: 10pt; font-weight: bold;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">any of our patents </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">have been issued </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or may </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">be issued </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">be challenged </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or invalidated </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">by third </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">parties; </font> </font></td>
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<td style="height: 17px; vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: left;" valign="top"><font style="font-size: 10pt; font-weight: bold;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our employees, </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">volunteers </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or business </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">partners </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">breach </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">their </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">confidentiality, </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">non-disclosure </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and non-use </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">obligations </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">us; </font> </font></td>
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<td style="height: 17px; vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: left;" valign="top"><font style="font-size: 10pt; font-weight: bold;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></td>
<td style="height: 17px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">third </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">parties </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">independently </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">develop </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">technologies </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">same </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or similar </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">ours; </font> </font></td>
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<td style="height: 17px; vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: left;" valign="top"><font style="font-size: 10pt; font-weight: bold;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">unauthorized </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">parties </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">attempt </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to copy aspects </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of our intellectual </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">property </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or obtain </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and use information </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">we regard </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">as </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">proprietary; </font> </font></td>
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<td style="height: 17px; vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: left;" valign="top"><font style="font-size: 10pt; font-weight: bold;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">intellectual </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">property, </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">trade </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">secrets </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">proprietary </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or competitively </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">sensitive </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">information </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">be improperly </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">obtained </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">through </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">a<font style="line-height: inherit;">&nbsp;</font>cyber-attack </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">breach </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of our systems </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or our vendor</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8217;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">s</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">systems; </font> </font></td>
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<td style="height: 17px; vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: left;" valign="top"><font style="font-size: 10pt; font-weight: bold;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px; text-align: justify;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our non-disclosure agreements do not prevent our competitors from independently developing technologies that are substantially equivalent or superior to ours, and there can be no assurance that our competitors or third parties will comply with the terms of these agreements, or that we will be able to successfully enforce such agreements or obtain sufficient remedies if they are breached; </font></td>
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<td style="height: 17px; vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: left;" valign="top"><font style="font-size: 10pt; font-weight: bold;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">costs </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">associated </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">with enforcing </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">patents,</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">confidentiality </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and invention </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">agreements </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or other intellectual </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">property </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">rights </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">make </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">enforcement </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">impracticable; </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and </font> </font></td>
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<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; text-align: left;" valign="top"><font style="font-size: 10pt; font-weight: bold;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">current </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and future </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">competitors </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">challenge </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or circumvent </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or otherwise </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">design </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">around </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our patents. </font> </font></td>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Further, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">obtaining </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and maintaining </font><font style="font-family: 'Times New Roman'; line-height: inherit;">patent, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">copyright, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and trademark </font><font style="font-family: 'Times New Roman'; line-height: inherit;">protection </font><font style="font-family: 'Times New Roman'; line-height: inherit;">can be costly, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and we may choose </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not to, or may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fail </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">pursue </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or maintain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">such forms </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of protection </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our technology </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">United </font><font style="font-family: 'Times New Roman'; line-height: inherit;">States, Brazil </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">foreign </font><font style="font-family: 'Times New Roman'; line-height: inherit;">jurisdictions, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">harm </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to maintain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our competitive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">advantage </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in such jurisdictions. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">It </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; line-height: inherit;">possible </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fail </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to identify </font><font style="font-family: 'Times New Roman'; line-height: inherit;">patentable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aspects </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our technology </font><font style="font-family: 'Times New Roman'; line-height: inherit;">before </font><font style="font-family: 'Times New Roman'; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">too late </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to obtain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">patent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">protection, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be unable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to devote </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">resources </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to file </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and prosecute </font><font style="font-family: 'Times New Roman'; line-height: inherit;">all </font><font style="font-family: 'Times New Roman'; line-height: inherit;">patent applications </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">such technology, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">inadvertently </font><font style="font-family: 'Times New Roman'; line-height: inherit;">lose </font><font style="font-family: 'Times New Roman'; line-height: inherit;">protection </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">failing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to comply </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with all procedural, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">documentary, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">payment, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and similar </font><font style="font-family: 'Times New Roman'; line-height: inherit;">obligations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">during </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">patent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">prosecution </font><font style="font-family: 'Times New Roman'; line-height: inherit;">process. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">The laws of some </font><font style="font-family: 'Times New Roman'; line-height: inherit;">countries </font><font style="font-family: 'Times New Roman'; line-height: inherit;">do not protect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">proprietary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rights </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">same </font><font style="font-family: 'Times New Roman'; line-height: inherit;">extent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">laws of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">United </font><font style="font-family: 'Times New Roman'; line-height: inherit;">States, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and mechanisms </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">enforcement </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of intellectual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">property </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rights </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in some </font><font style="font-family: 'Times New Roman'; line-height: inherit;">foreign </font><font style="font-family: 'Times New Roman'; line-height: inherit;">countries </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be inadequate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to prevent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">parties </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">infringing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our proprietary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">technology. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">To the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">extent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we expand our international activities, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our exposure </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to unauthorized </font><font style="font-family: 'Times New Roman'; line-height: inherit;">use of our technologies </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and proprietary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">information </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">increase. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fail </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to detect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unauthorized </font><font style="font-family: 'Times New Roman'; line-height: inherit;">use of our intellectual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">property, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be required </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to expand significant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">resources </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to monitor </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and protect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our intellectual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">property </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rights, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">engaging </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in litigation, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be costly, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">time-consuming, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and divert </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">attention </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of management </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and resources, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not ultimately </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be successful. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Also, while </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we have registered </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and applied </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">trademarks </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in an effort </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">protect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our investment </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in our brand and goodwill </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with customers, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">competitors </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">challenge </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">validity </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of those </font><font style="font-family: 'Times New Roman'; line-height: inherit;">trademarks </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">brand </font><font style="font-family: 'Times New Roman'; line-height: inherit;">names in which we have invested. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Such challenges </font><font style="font-family: 'Times New Roman'; line-height: inherit;">can be expensive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">maintain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">goodwill </font><font style="font-family: 'Times New Roman'; line-height: inherit;">gained </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in connection </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with a particular </font><font style="font-family: 'Times New Roman'; line-height: inherit;">trademark. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we fail </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to meaningfully </font><font style="font-family: 'Times New Roman'; line-height: inherit;">establish, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">maintain, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">protect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and enforce </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our intellectual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">property </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rights, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our business, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of operations could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be adversely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">affected. </font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">We may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">need to defend </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">ourselves </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">against </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">intellectual </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">property </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">infringement </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">claims </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or misappropriation claims, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">which may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">be time-consuming </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and expensive </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and, if </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">determined, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">could limit </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to commercialize </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">our aircraft. </font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Companies, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">organizations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or individuals, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our competitors, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">own or obtain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">patents, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">trademarks or other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">proprietary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rights </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">prevent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or limit </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to make, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">use, develop </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or deploy </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and UAM </font><font style="font-family: 'Times New Roman'; line-height: inherit;">services, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">make </font><font style="font-family: 'Times New Roman'; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; line-height: inherit;">more </font><font style="font-family: 'Times New Roman'; line-height: inherit;">difficult </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">us to operate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our business. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">receive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">inquiries </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from patent, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">copyright </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or trademark </font><font style="font-family: 'Times New Roman'; line-height: inherit;">owners inquiring </font><font style="font-family: 'Times New Roman'; line-height: inherit;">whether </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we infringe </font><font style="font-family: 'Times New Roman'; line-height: inherit;">upon their </font><font style="font-family: 'Times New Roman'; line-height: inherit;">proprietary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rights. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">also be the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">subject </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of more </font><font style="font-family: 'Times New Roman'; line-height: inherit;">formal </font><font style="font-family: 'Times New Roman'; line-height: inherit;">allegations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we have misappropriated </font><font style="font-family: 'Times New Roman'; line-height: inherit;">such parties </font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8217;</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">trade </font><font style="font-family: 'Times New Roman'; line-height: inherit;">secrets </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or other proprietary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rights. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Companies </font><font style="font-family: 'Times New Roman'; line-height: inherit;">owning patents </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">intellectual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">property </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rights </font><font style="font-family: 'Times New Roman'; line-height: inherit;">relating </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to battery </font><font style="font-family: 'Times New Roman'; line-height: inherit;">packs, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">electric </font><font style="font-family: 'Times New Roman'; line-height: inherit;">motors, aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">configurations, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">fly-by-wire </font><font style="font-family: 'Times New Roman'; line-height: inherit;">flight </font><font style="font-family: 'Times New Roman'; line-height: inherit;">control </font><font style="font-family: 'Times New Roman'; line-height: inherit;">software </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or electronic </font><font style="font-family: 'Times New Roman'; line-height: inherit;">power management </font><font style="font-family: 'Times New Roman'; line-height: inherit;">systems </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">allege infringement </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or misappropriation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of such rights. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">In response </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to a determination </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we have infringed </font><font style="font-family: 'Times New Roman'; line-height: inherit;">upon or misappropriated </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a third-party</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8217;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">intellectual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">property </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rights, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be required </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to do one or more </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the following: </font> </font></p>
<p style="font-size: 10pt; line-height: 104%; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
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<td style="margin: 0px; text-indent: 0px; width: 3%; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="margin: 0px; text-indent: 0px; width: 93%;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">cease </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">development, s</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">ales </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or use of its </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">products </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">incorporate </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">asserted </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">intellectual </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">property; </font> </font></td>
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<td style="margin: 0px; text-indent: 0px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">pay substantial </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">damages; </font> </font></td>
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<td style="margin: 0px; text-indent: 0px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">obtain </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">a license </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">owner of the </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">asserted </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">intellectual </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">property </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">right, </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">which license </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">not be available </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">on reasonable </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">terms </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or available </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">all; </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or </font> </font></td>
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<td style="margin: 0px; text-indent: 0px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">re-design </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">one or more </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">aspects </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or systems </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of our aircraft </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">offerings. </font> </font></td>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">A successful </font><font style="font-family: 'Times New Roman'; line-height: inherit;">claim </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of infringement </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or misappropriation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">against </font><font style="font-family: 'Times New Roman'; line-height: inherit;">us could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">harm </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our business,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">condition, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">results of operations. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Even if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">successful </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in defending </font><font style="font-family: 'Times New Roman'; line-height: inherit;">against </font><font style="font-family: 'Times New Roman'; line-height: inherit;">these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">claims, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">litigation could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in substantial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and demand </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on management </font><font style="font-family: 'Times New Roman'; line-height: inherit;">resources. </font> </font></p>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">We may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">not be able </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to secure </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">adequate </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">insurance </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">policies, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or secure </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">insurance </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">policies </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">at reasonable </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">prices. </font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Through ERJ, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we maintain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">general </font><font style="font-family: 'Times New Roman'; line-height: inherit;">liability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">insurance, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">aviation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">flight </font><font style="font-family: 'Times New Roman'; line-height: inherit;">testing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">insurance, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">liability coverage, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">directors </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">officers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">insurance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">insurance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">policies </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and we believe </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our level </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of coverage </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is customary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">industry </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and adequate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to protect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">against </font><font style="font-family: 'Times New Roman'; line-height: inherit;">claims. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">However, there </font><font style="font-family: 'Times New Roman'; line-height: inherit;">can be no assurances </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will be sufficient </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to cover </font><font style="font-family: 'Times New Roman'; line-height: inherit;">potential </font><font style="font-family: 'Times New Roman'; line-height: inherit;">claims, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">present </font><font style="font-family: 'Times New Roman'; line-height: inherit;">levels </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of coverage </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be available </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">future </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">reasonable cost </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">continue </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to be able </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to maintain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">insurance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">coverage </font><font style="font-family: 'Times New Roman'; line-height: inherit;">through </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ERJ. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Further, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we expect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our insurance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">needs </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and costs </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to increase </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as we manufacture </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">establish </font><font style="font-family: 'Times New Roman'; line-height: inherit;">commercial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and expand into </font><font style="font-family: 'Times New Roman'; line-height: inherit;">new markets, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and it </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">too early </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to determine </font><font style="font-family: 'Times New Roman'; line-height: inherit;">what impact, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any, the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">commercial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of eVTOLs </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will have on our insurance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">costs. </font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">our relations </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">with our strategic </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">partners </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">were to deteriorate </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or terminate, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">could be adversely </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">affected </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or such third </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">parties </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">could act </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">in a manner adverse </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to our business. </font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our relations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with our strategic </font><font style="font-family: 'Times New Roman'; line-height: inherit;">partners </font><font style="font-family: 'Times New Roman'; line-height: inherit;">were to deteriorate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or terminate, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">party </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">act </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in a manner </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to us and could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">limit </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to implement </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our strategies. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Our collaborators </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or strategic partners </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">develop, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">either </font><font style="font-family: 'Times New Roman'; line-height: inherit;">alone </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or with others, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">products </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in related </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fields </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">competitive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with our products. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Specifically, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">conflicts </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with ERJ </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to manufacture </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or scale production, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">while </font><font style="font-family: 'Times New Roman'; line-height: inherit;">conflicts </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Atech </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to successfully </font><font style="font-family: 'Times New Roman'; line-height: inherit;">provide </font><font style="font-family: 'Times New Roman'; line-height: inherit;">UAM </font><font style="font-family: 'Times New Roman'; line-height: inherit;">services. While </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ERJ </font><font style="font-family: 'Times New Roman'; line-height: inherit;">has agreed </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">BCA</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">not to compete </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Company with respect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to certain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">actions </font><font style="font-family: 'Times New Roman'; line-height: inherit;">related </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">UAM </font><font style="font-family: 'Times New Roman'; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; line-height: inherit;">following </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">combination, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">such non-compete </font><font style="font-family: 'Times New Roman'; line-height: inherit;">only applies </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">three </font><font style="font-family: 'Times New Roman'; line-height: inherit;">years </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with respect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to activities </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">European </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Union and five </font><font style="font-family: 'Times New Roman'; line-height: inherit;">years </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with respect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to activities elsewhere </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">world, and ERJ </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">still </font><font style="font-family: 'Times New Roman'; line-height: inherit;">pursue </font><font style="font-family: 'Times New Roman'; line-height: inherit;">certain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">investment </font><font style="font-family: 'Times New Roman'; line-height: inherit;">opportunities </font><font style="font-family: 'Times New Roman'; line-height: inherit;">related </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">UAM </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">terms </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">BCA</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Such conflicts </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with our strategic </font><font style="font-family: 'Times New Roman'; line-height: inherit;">partners </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in adverse </font><font style="font-family: 'Times New Roman'; line-height: inherit;">effects </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on our business, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of operations. </font> </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">The failure </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">of certain </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">advances </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">in technology </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">such as autonomy </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or battery </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">density </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to mature </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">at the rates </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">we project </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to increase </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">the volume </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">of our service </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and/or drive </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">down </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">end-user </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">pricing </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">at the rates </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">we project. </font> </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Our projections </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in part </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on future </font><font style="font-family: 'Times New Roman'; line-height: inherit;">advancement </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of technology, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">such as aerial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and ground-based autonomy </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and an increase </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in energy </font><font style="font-family: 'Times New Roman'; line-height: inherit;">density </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in batteries. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Should these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">technologies </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fail </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to develop, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">mature </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or be commercially </font><font style="font-family: 'Times New Roman'; line-height: inherit;">available </font><font style="font-family: 'Times New Roman'; line-height: inherit;">within </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">periods </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we project, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">underperform </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">projections, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which would materially </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and adversely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our business,</font> financial condition, and results of operations.<br></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">We are an </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">early-</font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">stage </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">company </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">with a history </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">of losses, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and we expect </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to incur significant </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">losses </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">the foreseeable </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">future </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and we may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">not be able </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to achieve </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or maintain </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">profitability. </font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">We have incurred </font><font style="font-family: 'Times New Roman'; line-height: inherit;">significant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">losses </font><font style="font-family: 'Times New Roman'; line-height: inherit;">since </font><font style="font-family: 'Times New Roman'; line-height: inherit;">inception. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We incurred </font><font style="font-family: 'Times New Roman'; line-height: inherit;">net </font><font style="font-family: 'Times New Roman'; line-height: inherit;">losses </font><font style="line-height: inherit;"><font style="line-height: inherit;">of </font><font style="line-height: inherit;"><font style="line-height: inherit;">$</font></font></font></font>174.03<font style="font-size: 10pt;"><font style="line-height: inherit;"><font style="line-height: inherit;"> million, </font><font style="line-height: inherit;">$<font style="line-height: inherit;">18.26</font> million, and $9.62 million </font><font style="line-height: inherit;">for </font><font style="line-height: inherit;">the </font><font style="line-height: inherit;">years </font><font style="line-height: inherit;">ended <font style="line-height: inherit;">December </font></font><font style="line-height: inherit;"><font style="line-height: inherit;">31, </font></font><font style="line-height: inherit;"><font style="line-height: inherit;">2022, 2021 and 2020 </font></font></font><font style="font-family: 'Times New Roman'; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="line-height: inherit;">r</font>espectively. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We have not yet </font><font style="font-family: 'Times New Roman'; line-height: inherit;">started commercial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operations, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and it </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">difficult </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">us to predict </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our future </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operating </font><font style="font-family: 'Times New Roman'; line-height: inherit;">results. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We believe </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we will continue </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to incur </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operating </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and net </font><font style="font-family: 'Times New Roman'; line-height: inherit;">losses </font><font style="font-family: 'Times New Roman'; line-height: inherit;">each </font><font style="font-family: 'Times New Roman'; line-height: inherit;">quarter </font><font style="font-family: 'Times New Roman'; line-height: inherit;">until </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">least </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">time </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we begin </font><font style="font-family: 'Times New Roman'; line-height: inherit;">significant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">deliveries </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not expected </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to begin </font><font style="font-family: 'Times New Roman'; line-height: inherit;">until </font><font style="font-family: 'Times New Roman'; line-height: inherit;">late </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2026 and may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">occur </font><font style="font-family: 'Times New Roman'; line-height: inherit;">later </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or not at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">all. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Even if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">able </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">successfully </font><font style="font-family: 'Times New Roman'; line-height: inherit;">develop </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and sell </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">there </font><font style="font-family: 'Times New Roman'; line-height: inherit;">can be no assurance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">they </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be financially successful. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Our potential </font><font style="font-family: 'Times New Roman'; line-height: inherit;">profitability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">dependent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">upon the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">successful </font><font style="font-family: 'Times New Roman'; line-height: inherit;">development </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and successful </font><font style="font-family: 'Times New Roman'; line-height: inherit;">commercial introduction </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and acceptance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our aircraft, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not occur. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">As a result, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our losses </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be larger </font><font style="font-family: 'Times New Roman'; line-height: inherit;">than anticipated, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not achieve </font><font style="font-family: 'Times New Roman'; line-height: inherit;">profitability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">when expected, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">all, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and even if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we do, we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not be able to maintain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or increase </font><font style="font-family: 'Times New Roman'; line-height: inherit;">profitability. </font></font></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">We expect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our operating </font><font style="font-family: 'Times New Roman'; line-height: inherit;">expenses </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to increase </font><font style="font-family: 'Times New Roman'; line-height: inherit;">over </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">next </font><font style="font-family: 'Times New Roman'; line-height: inherit;">several </font><font style="font-family: 'Times New Roman'; line-height: inherit;">years </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as we: </font> </font></p>
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<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px; width: 3%; text-align: left;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -20px; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -20px; line-height: inherit;">&nbsp;</font> </font></td>
<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px; width: 93%;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;">continue </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;">to design, </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;">develop, </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;">manufacture </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;">and move </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;">towards </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;">marketing </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;">our </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;">aircraft; </font> </font></td>
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<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: left;" valign="top"><font style="font-size: 10pt; font-weight: bold;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></td>
<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">expand our production </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">capabilities </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">through </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">ERJ, </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">costs </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">associated </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">with outsourcing </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the manufacturing </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of our </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">aircraft; </font> </font></td>
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<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: left;" valign="top"><font style="font-size: 10pt; font-weight: bold;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">build </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">up inventories </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of parts </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and components </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">aircraft; </font> </font></td>
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<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: left;" valign="top"><font style="font-size: 10pt; font-weight: bold;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">manufacture </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">an inventory </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of our </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">aircraft; </font> </font></td>
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<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: left;" valign="top"><font style="font-size: 10pt; font-weight: bold;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></td>
<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">expand our design, </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">development </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and servicing </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">capabilities; </font> </font></td>
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<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: left;" valign="top"><font style="font-size: 10pt; font-weight: bold;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></td>
<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">develop </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">commercial </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and strategic </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">partnerships </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">fleet </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">operations </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">a fleet </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of our<font style="line-height: inherit;">&nbsp;</font>eVTOL </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and/or third </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">parties; </font> </font></td>
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<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: left;" valign="top"><font style="font-size: 10pt; font-weight: bold;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></td>
<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">continue </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to develop </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our air </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">traffic </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">management </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">system; </font> </font></td>
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<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: left;" valign="top"><font style="font-size: 10pt; font-weight: bold;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">hire </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">more </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">employees; </font> </font></td>
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<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: left;" valign="top"><font style="font-size: 10pt; font-weight: bold;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">continue </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">research </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and development </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">efforts </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">relating </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to new products </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">technologies; </font> </font></td>
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<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: left;" valign="top"><font style="font-size: 10pt; font-weight: bold;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">increase </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our sales </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and marketing </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">activities </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and develop </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our distribution </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">infrastructure; </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and </font> </font></td>
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<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: left;" valign="top"><font style="font-size: 10pt; font-weight: bold;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></td>
<td style="height: 17px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">increase </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our general </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and administrative </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">functions </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to support </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our growing operations </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and to operate </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">as a public </font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">company. </font> </font></td>
</tr>

</table>
<p style="line-height: 12pt; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Because </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">incur </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and expenses </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">efforts </font><font style="font-family: 'Times New Roman'; line-height: inherit;">before </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we receive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any revenue </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with respect thereto, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our losses </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in future </font><font style="font-family: 'Times New Roman'; line-height: inherit;">periods </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be significant. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">In addition, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">efforts </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be costlier </font><font style="font-family: 'Times New Roman'; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we expect and may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in any revenue </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or growth in our business. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Any failure </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to generate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">revenue </font><font style="font-family: 'Times New Roman'; line-height: inherit;">sufficiently </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to keep pace </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with our investments </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">expenses </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">prevent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">us from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">achieving </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or maintaining </font><font style="font-family: 'Times New Roman'; line-height: inherit;">profitability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or positive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">cash </font><font style="font-family: 'Times New Roman'; line-height: inherit;">flow. Furthermore, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our future </font><font style="font-family: 'Times New Roman'; line-height: inherit;">growth and operating </font><font style="font-family: 'Times New Roman'; line-height: inherit;">performance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fail </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to meet </font><font style="font-family: 'Times New Roman'; line-height: inherit;">investor </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or analyst expectations, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we have future </font><font style="font-family: 'Times New Roman'; line-height: inherit;">negative </font><font style="font-family: 'Times New Roman'; line-height: inherit;">cash </font><font style="font-family: 'Times New Roman'; line-height: inherit;">flow or losses </font><font style="font-family: 'Times New Roman'; line-height: inherit;">resulting </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our investment </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in acquiring customers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or expanding </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our operations, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">this </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have a material </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; line-height: inherit;">effect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on our business, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of operations. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">We may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">in the future </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">invest </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">significant </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">resources </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">in developing </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">new offerings </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and exploring </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">the application </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">of our proprietary </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">technologies </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">uses and those </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">opportunities </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">never </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">materialize. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">While </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our primary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">focus </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">design, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">manufacture </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and operation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our eVTOL </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and related UAM </font><font style="font-family: 'Times New Roman'; line-height: inherit;">services, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">invest </font><font style="font-family: 'Times New Roman'; line-height: inherit;">significant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">resources </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in developing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">new technologies, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">services, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">products </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and offerings. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">However, we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not realize </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">expected </font><font style="font-family: 'Times New Roman'; line-height: inherit;">benefits </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">investments. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Relatedly, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">such technologies </font><font style="font-family: 'Times New Roman'; line-height: inherit;">become </font><font style="font-family: 'Times New Roman'; line-height: inherit;">viable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">offerings </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">future, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be subject </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to competition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our competitors within </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aviation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">industry </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">industries, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">some </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of which may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have substantially </font><font style="font-family: 'Times New Roman'; line-height: inherit;">greater </font><font style="font-family: 'Times New Roman'; line-height: inherit;">monetary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and knowledge resources </font><font style="font-family: 'Times New Roman'; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we have and expect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to have in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">future </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to devote </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">development </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of these technologies. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Such competition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or any limitations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on our ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to take </font><font style="font-family: 'Times New Roman'; line-height: inherit;">advantage </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of such technologies </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our market </font><font style="font-family: 'Times New Roman'; line-height: inherit;">share, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have a material </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; line-height: inherit;">effect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on our business, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of operations. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Such research </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and development </font><font style="font-family: 'Times New Roman'; line-height: inherit;">initiatives </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have a high degree </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of risk </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and involve </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unproven business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">strategies </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and technologies </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with which we have limited </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operating </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or development </font><font style="font-family: 'Times New Roman'; line-height: inherit;">experience. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">They may involve </font><font style="font-family: 'Times New Roman'; line-height: inherit;">claims </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and liabilities, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">expenses, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">regulatory </font><font style="font-family: 'Times New Roman'; line-height: inherit;">challenges </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">risks </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not be able </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to anticipate. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">There </font><font style="font-family: 'Times New Roman'; line-height: inherit;">can be no assurance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">consumer </font><font style="font-family: 'Times New Roman'; line-height: inherit;">demand </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">such initiatives </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">exist </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or be sustained </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the levels </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we anticipate, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any of these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">initiatives </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">gain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">sufficient </font><font style="font-family: 'Times New Roman'; line-height: inherit;">traction </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or market </font><font style="font-family: 'Times New Roman'; line-height: inherit;">acceptance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to generate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">sufficient </font><font style="font-family: 'Times New Roman'; line-height: inherit;">revenue </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to offset </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any new expenses </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or liabilities </font><font style="font-family: 'Times New Roman'; line-height: inherit;">associated </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">new investments. Further, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">any such research </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and development </font><font style="font-family: 'Times New Roman'; line-height: inherit;">efforts </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">distract </font><font style="font-family: 'Times New Roman'; line-height: inherit;">management </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">current </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">would divert </font><font style="font-family: 'Times New Roman'; line-height: inherit;">capital </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">resources </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our more </font><font style="font-family: 'Times New Roman'; line-height: inherit;">established </font><font style="font-family: 'Times New Roman'; line-height: inherit;">technologies. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Even if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we were to be successful </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in developing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">new products, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">services, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">offerings </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or technologies, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">regulatory </font><font style="font-family: 'Times New Roman'; line-height: inherit;">authorities </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">subject </font><font style="font-family: 'Times New Roman'; line-height: inherit;">us to new rules </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or restrictions </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in response </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to our innovations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">increase </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our expenses </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or prevent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">us from successfully </font><font style="font-family: 'Times New Roman'; line-height: inherit;">commercializing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">new products, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">services, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">offerings </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or technologies. </font> </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">We may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">be unable to make </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">certain </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">advances </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">in technology, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">such as autonomous flying </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">technologies, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or such technologies </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">not mature </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or be commercially </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">available </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">at the rates </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">projected, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">which could adversely </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">affect our business, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">of operations. </font> </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Our projections </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in part </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on future </font><font style="font-family: 'Times New Roman'; line-height: inherit;">advancement </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of technology, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">such as autonomous </font><font style="font-family: 'Times New Roman'; line-height: inherit;">flying </font><font style="font-family: 'Times New Roman'; line-height: inherit;">technologies. Should these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">technologies </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fail </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to develop, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">mature </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or be commercially </font><font style="font-family: 'Times New Roman'; line-height: inherit;">available </font><font style="font-family: 'Times New Roman'; line-height: inherit;">within </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">periods </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we project, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">underperform </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">projections, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which would materially </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and adversely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our business, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of operations. </font> </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">We are subject </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to cybersecurity </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">risks </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to our operational </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">systems, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">security </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">systems, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">infrastructure, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">integrated software </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">in its </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and customer </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">data processed </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">by our or third-party </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">vendors. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">We are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">risk </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">interruptions, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">outages </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and breaches </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our: </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(a) </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">operational </font><font style="font-family: 'Times New Roman'; line-height: inherit;">systems, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">business, financial, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">accounting, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">product </font><font style="font-family: 'Times New Roman'; line-height: inherit;">development, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">data </font><font style="font-family: 'Times New Roman'; line-height: inherit;">processing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or production </font><font style="font-family: 'Times New Roman'; line-height: inherit;">processes, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">owned by us or our third- party </font><font style="font-family: 'Times New Roman'; line-height: inherit;">vendors </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or suppliers; </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(b) </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">facility </font><font style="font-family: 'Times New Roman'; line-height: inherit;">security </font><font style="font-family: 'Times New Roman'; line-height: inherit;">systems, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">owned by us or our third-party </font><font style="font-family: 'Times New Roman'; line-height: inherit;">vendors </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or suppliers; </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(c) </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">technology </font><font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">powertrain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and avionics </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and flight </font><font style="font-family: 'Times New Roman'; line-height: inherit;">control </font><font style="font-family: 'Times New Roman'; line-height: inherit;">software, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">owned by us or our third- party </font><font style="font-family: 'Times New Roman'; line-height: inherit;">vendors </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or suppliers; </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(d) </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">integrated </font><font style="font-family: 'Times New Roman'; line-height: inherit;">software </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in our aircraft; </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or (e) </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">customer </font><font style="font-family: 'Times New Roman'; line-height: inherit;">data </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we process </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or our third-party </font><font style="font-family: 'Times New Roman'; line-height: inherit;">vendors </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or suppliers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">process </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on our behalf. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Such incidents </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could: </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">disrupt </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our operational </font><font style="font-family: 'Times New Roman'; line-height: inherit;">systems; result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in loss </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of intellectual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">property, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">trade </font><font style="font-family: 'Times New Roman'; line-height: inherit;">secrets </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">proprietary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or competitively </font><font style="font-family: 'Times New Roman'; line-height: inherit;">sensitive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">information; result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in a loss </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of competitive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">advantage </font><font style="font-family: 'Times New Roman'; line-height: inherit;">over </font><font style="font-family: 'Times New Roman'; line-height: inherit;">others </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in our industry; </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">compromise </font><font style="font-family: 'Times New Roman'; line-height: inherit;">certain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">information </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of customers, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">employees, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">suppliers, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or others; </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">jeopardize </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">security </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our facilities; </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or affect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">performance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of in-product </font><font style="font-family: 'Times New Roman'; line-height: inherit;">technology </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">integrated </font><font style="font-family: 'Times New Roman'; line-height: inherit;">software </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in our aircraft. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">We plan </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to include </font><font style="font-family: 'Times New Roman'; line-height: inherit;">avionics </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and flight </font><font style="font-family: 'Times New Roman'; line-height: inherit;">control </font><font style="font-family: 'Times New Roman'; line-height: inherit;">software </font><font style="font-family: 'Times New Roman'; line-height: inherit;">services </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and functionality </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">utilize </font><font style="font-family: 'Times New Roman'; line-height: inherit;">data connectivity </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to monitor </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">performance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and to enhance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">safety </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and enable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">cost-saving </font><font style="font-family: 'Times New Roman'; line-height: inherit;">preventative maintenance. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">The availability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and effectiveness </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our services </font><font style="font-family: 'Times New Roman'; line-height: inherit;">depend on the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">continued </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of information technology </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and communications </font><font style="font-family: 'Times New Roman'; line-height: inherit;">systems. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Our systems </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be vulnerable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to damage </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or interruption </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">among others, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">physical </font><font style="font-family: 'Times New Roman'; line-height: inherit;">theft, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">fire, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">terrorist </font><font style="font-family: 'Times New Roman'; line-height: inherit;">attacks, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">natural </font><font style="font-family: 'Times New Roman'; line-height: inherit;">disasters, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">power loss, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">war, telecommunications </font><font style="font-family: 'Times New Roman'; line-height: inherit;">failures, viruses, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">denial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or degradation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">attacks, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">ransomware, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">social </font><font style="font-family: 'Times New Roman'; line-height: inherit;">engineering </font><font style="font-family: 'Times New Roman'; line-height: inherit;">schemes, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">insider </font><font style="font-family: 'Times New Roman'; line-height: inherit;">theft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or misuse or other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">attempts </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to harm </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our systems. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We intend </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to use our avionics </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and flight </font><font style="font-family: 'Times New Roman'; line-height: inherit;">control </font><font style="font-family: 'Times New Roman'; line-height: inherit;">software </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and functionality to log information </font><font style="font-family: 'Times New Roman'; line-height: inherit;">about </font><font style="font-family: 'Times New Roman'; line-height: inherit;">each </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8217;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">use </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in order </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aid </font><font style="font-family: 'Times New Roman'; line-height: inherit;">us in aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">diagnostics </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and servicing. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Our customers may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">object </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">use of this </font><font style="font-family: 'Times New Roman'; line-height: inherit;">data, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">increase </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our vehicle </font><font style="font-family: 'Times New Roman'; line-height: inherit;">maintenance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and harm </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our business prospects. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">contains </font><font style="font-family: 'Times New Roman'; line-height: inherit;">complex </font><font style="font-family: 'Times New Roman'; line-height: inherit;">information </font><font style="font-family: 'Times New Roman'; line-height: inherit;">technology </font><font style="font-family: 'Times New Roman'; line-height: inherit;">systems </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and built-in </font><font style="font-family: 'Times New Roman'; line-height: inherit;">data </font><font style="font-family: 'Times New Roman'; line-height: inherit;">connectivity </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to share aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">data </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with ground operations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">infrastructure. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We plan </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to design, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">implement </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and test </font><font style="font-family: 'Times New Roman'; line-height: inherit;">security </font><font style="font-family: 'Times New Roman'; line-height: inherit;">measures intended </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to prevent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unauthorized </font><font style="font-family: 'Times New Roman'; line-height: inherit;">access </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to our information </font><font style="font-family: 'Times New Roman'; line-height: inherit;">technology </font><font style="font-family: 'Times New Roman'; line-height: inherit;">networks, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and related </font><font style="font-family: 'Times New Roman'; line-height: inherit;">systems. However, hackers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">attempt </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to gain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unauthorized </font><font style="font-family: 'Times New Roman'; line-height: inherit;">access </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to modify, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">alter </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and use such networks, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and systems </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to gain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">control </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of or to change </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8217;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">functionality, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">performance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">characteristics, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or to gain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">access to data </font><font style="font-family: 'Times New Roman'; line-height: inherit;">stored </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in or generated </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">A significant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">breach </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our third-party </font><font style="font-family: 'Times New Roman'; line-height: inherit;">service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">providers</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8217;</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">vendors</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8217;</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or our own network </font><font style="font-family: 'Times New Roman'; line-height: inherit;">security </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and systems </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have serious </font><font style="font-family: 'Times New Roman'; line-height: inherit;">negative </font><font style="font-family: 'Times New Roman'; line-height: inherit;">consequences </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our business and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">future </font><font style="font-family: 'Times New Roman'; line-height: inherit;">prospects </font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">possible </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fines, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">penalties </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and damages, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">reduced </font><font style="font-family: 'Times New Roman'; line-height: inherit;">customer </font><font style="font-family: 'Times New Roman'; line-height: inherit;">demand </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft or urban </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aerial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ride </font><font style="font-family: 'Times New Roman'; line-height: inherit;">sharing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">services </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and harm </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to our reputation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and brand. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Moreover, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">there </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">inherent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">risks </font><font style="font-family: 'Times New Roman'; line-height: inherit;">associated </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with developing, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">improving, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">expanding </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and updating </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our current </font><font style="font-family: 'Times New Roman'; line-height: inherit;">systems, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">such as the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">disruption </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our data </font><font style="font-family: 'Times New Roman'; line-height: inherit;">management, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">procurement, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">production </font><font style="font-family: 'Times New Roman'; line-height: inherit;">execution, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">finance, supply </font><font style="font-family: 'Times New Roman'; line-height: inherit;">chain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and sales </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">processes. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">These risks </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to manage </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our data </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and inventory, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">procure </font><font style="font-family: 'Times New Roman'; line-height: inherit;">parts </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or supplies </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or manufacture, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">deploy, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">deliver </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">adequately </font><font style="font-family: 'Times New Roman'; line-height: inherit;">protect our intellectual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">property </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or achieve </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and maintain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">compliance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with, or realize </font><font style="font-family: 'Times New Roman'; line-height: inherit;">available </font><font style="font-family: 'Times New Roman'; line-height: inherit;">benefits </font><font style="font-family: 'Times New Roman'; line-height: inherit;">under, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">applicable laws, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">regulations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and contracts. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We cannot </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be sure </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">systems </font><font style="font-family: 'Times New Roman'; line-height: inherit;">upon which we rely, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">those </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our third-party </font><font style="font-family: 'Times New Roman'; line-height: inherit;">vendors </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or suppliers, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be effectively </font><font style="font-family: 'Times New Roman'; line-height: inherit;">implemented, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">maintained </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or expanded </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as planned. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we do not successfully </font><font style="font-family: 'Times New Roman'; line-height: inherit;">implement, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">maintain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or expand these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">systems </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as planned, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our operations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be disrupted </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to accurately </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and timely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">report </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">results </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be impaired. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Moreover, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our proprietary information </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or intellectual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">property </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be compromised </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or misappropriated, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and our reputation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be adversely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">affected. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">systems </font><font style="font-family: 'Times New Roman'; line-height: inherit;">do not operate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as we expect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">them </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to, we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be required </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to expend significant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">resources </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to make </font><font style="font-family: 'Times New Roman'; line-height: inherit;">corrections </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or find </font><font style="font-family: 'Times New Roman'; line-height: inherit;">alternative </font><font style="font-family: 'Times New Roman'; line-height: inherit;">sources </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">performing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">functions. </font> </font></p>
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<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">We are dependent </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">on our senior </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">management </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">team </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">highly </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">skilled </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">personnel, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and if </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">we are not successful </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">in attracting </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or retaining </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">highly </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">qualified </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">personnel, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">not be able </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to successfully </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">implement our business </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">strategy. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Our success </font><font style="font-family: 'Times New Roman'; line-height: inherit;">depends, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">in significant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">part, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">continued </font><font style="font-family: 'Times New Roman'; line-height: inherit;">services </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our senior </font><font style="font-family: 'Times New Roman'; line-height: inherit;">management </font><font style="font-family: 'Times New Roman'; line-height: inherit;">team </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and on our ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to attract, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">motivate, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">develop </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and retain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a sufficient </font><font style="font-family: 'Times New Roman'; line-height: inherit;">number </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">highly </font><font style="font-family: 'Times New Roman'; line-height: inherit;">skilled </font><font style="font-family: 'Times New Roman'; line-height: inherit;">personnel, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including technology, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">finance, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">marketing, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">sales, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">aftermarket, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and support </font><font style="font-family: 'Times New Roman'; line-height: inherit;">personnel. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">The loss </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of any one or more </font><font style="font-family: 'Times New Roman'; line-height: inherit;">members of our senior </font><font style="font-family: 'Times New Roman'; line-height: inherit;">management </font><font style="font-family: 'Times New Roman'; line-height: inherit;">team, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any reason, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">resignation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or retirement, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impair </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to execute </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">strategy </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and harm </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our business, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of operations. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Additionally, our business, financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of operations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be adversely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">affected </font><font style="font-family: 'Times New Roman'; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to attract </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and retain skilled </font><font style="font-family: 'Times New Roman'; line-height: inherit;">employees </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to support </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our operations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and growth. </font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">we or our third-party </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">service </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">providers </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">experience </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">a security </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">breach, or if </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">unauthorized </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">parties </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">otherwise obtain </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">access </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to our customers</font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">&#8217;</font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">data, our reputation </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">be harmed, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">demand for </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">services </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">be reduced, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and we may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">incur significant </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">liabilities. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Our services </font><font style="font-family: 'Times New Roman'; line-height: inherit;">involve </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">storage, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">processing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and transmission </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of data, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">certain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">confidential </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and sensitive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">information. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Any security </font><font style="font-family: 'Times New Roman'; line-height: inherit;">breach, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">those </font><font style="font-family: 'Times New Roman'; line-height: inherit;">resulting </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a cybersecurity </font><font style="font-family: 'Times New Roman'; line-height: inherit;">attack, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">a phishing attack, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">an unauthorized </font><font style="font-family: 'Times New Roman'; line-height: inherit;">access, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">an unauthorized </font><font style="font-family: 'Times New Roman'; line-height: inherit;">usage, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">a virus </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or a similar </font><font style="font-family: 'Times New Roman'; line-height: inherit;">breach </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or disruption, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in: (</font><font style="font-family: 'Times New Roman'; line-height: inherit;">i</font><font style="font-family: 'Times New Roman'; line-height: inherit;">)</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">loss </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or destruction </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of, or unauthorized </font><font style="font-family: 'Times New Roman'; line-height: inherit;">access </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to, or use, alteration, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">disclosure, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or acquisition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of, data, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(ii) </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">damage </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to our reputation, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(iii) </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">litigation, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(iv) </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">regulatory </font><font style="font-family: 'Times New Roman'; line-height: inherit;">investigations, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or (v) </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">liabilities. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">These attacks may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">come </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">individual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">hackers, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">criminal </font><font style="font-family: 'Times New Roman'; line-height: inherit;">groups, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and state-sponsored </font><font style="font-family: 'Times New Roman'; line-height: inherit;">organizations. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our security </font><font style="font-family: 'Times New Roman'; line-height: inherit;">measures are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">breached </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as a result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of third-party </font><font style="font-family: 'Times New Roman'; line-height: inherit;">action, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">employee </font><font style="font-family: 'Times New Roman'; line-height: inherit;">error, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">a defect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or bug in our products </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or those </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our </font><font style="font-family: 'Times New Roman'; line-height: inherit;">third-party </font><font style="font-family: 'Times New Roman'; line-height: inherit;">service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">providers, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">malfeasance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or otherwise </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and, as a result, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">someone </font><font style="font-family: 'Times New Roman'; line-height: inherit;">obtains </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unauthorized </font><font style="font-family: 'Times New Roman'; line-height: inherit;">access </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to our data, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our confidential, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">sensitive, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">information </font><font style="font-family: 'Times New Roman'; line-height: inherit;">about </font><font style="font-family: 'Times New Roman'; line-height: inherit;">individuals, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or any of these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">types </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of information </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">lost, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">destroyed, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or used, altered, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">disclosed, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or acquired </font><font style="font-family: 'Times New Roman'; line-height: inherit;">without </font><font style="font-family: 'Times New Roman'; line-height: inherit;">authorization, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our reputation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may be damaged, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">suffer, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and we could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">incur </font><font style="font-family: 'Times New Roman'; line-height: inherit;">significant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">liability. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Even the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">perception </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of inadequate security </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">damage </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our reputation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and negatively </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to win new customers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and retain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and receive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">timely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">payments </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">existing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">customers. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Further, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be required </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to expend significant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">capital </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">resources </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to address </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any data </font><font style="font-family: 'Times New Roman'; line-height: inherit;">security </font><font style="font-family: 'Times New Roman'; line-height: inherit;">incident </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or breach, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not be covered </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or fully </font><font style="font-family: 'Times New Roman'; line-height: inherit;">covered </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by our </font><font style="font-family: 'Times New Roman'; line-height: inherit;">insurance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and which may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">involve </font><font style="font-family: 'Times New Roman'; line-height: inherit;">payments </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">investigations, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">forensic </font><font style="font-family: 'Times New Roman'; line-height: inherit;">analyses, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">legal </font><font style="font-family: 'Times New Roman'; line-height: inherit;">advice, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; line-height: inherit;">relations advice, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">system </font><font style="font-family: 'Times New Roman'; line-height: inherit;">repair </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or replacement, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">services. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">We engage </font><font style="font-family: 'Times New Roman'; line-height: inherit;">third-party </font><font style="font-family: 'Times New Roman'; line-height: inherit;">vendors </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">providers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to store </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and otherwise </font><font style="font-family: 'Times New Roman'; line-height: inherit;">process </font><font style="font-family: 'Times New Roman'; line-height: inherit;">some </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our data, including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">confidential, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">sensitive, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">information </font><font style="font-family: 'Times New Roman'; line-height: inherit;">about </font><font style="font-family: 'Times New Roman'; line-height: inherit;">individuals. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Our vendors </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">providers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may also </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">targets </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of cyberattacks, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">malicious </font><font style="font-family: 'Times New Roman'; line-height: inherit;">software, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">phishing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">schemes, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and fraud. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Our ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to monitor </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our vendors </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">providers</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8217;</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">data </font><font style="font-family: 'Times New Roman'; line-height: inherit;">security </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">limited, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and, in any event, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">third </font><font style="font-family: 'Times New Roman'; line-height: inherit;">parties </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be able </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to circumvent those </font><font style="font-family: 'Times New Roman'; line-height: inherit;">data </font><font style="font-family: 'Times New Roman'; line-height: inherit;">security </font><font style="font-family: 'Times New Roman'; line-height: inherit;">measures, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">resulting </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in unauthorized </font><font style="font-family: 'Times New Roman'; line-height: inherit;">access </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to our data, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or misuse, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">acquisition, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">disclosure, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">loss, alteration, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or destruction </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our data, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">confidential </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or sensitive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">information, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">such as intellectual </font><font style="font-family: 'Times New Roman'; line-height: inherit;">property and trade </font><font style="font-family: 'Times New Roman'; line-height: inherit;">secrets, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and personal </font><font style="font-family: 'Times New Roman'; line-height: inherit;">information. </font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Techniques </font><font style="font-family: 'Times New Roman'; line-height: inherit;">used to sabotage </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or obtain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unauthorized </font><font style="font-family: 'Times New Roman'; line-height: inherit;">access </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to systems </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or networks </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">constantly </font><font style="font-family: 'Times New Roman'; line-height: inherit;">evolving and, in some </font><font style="font-family: 'Times New Roman'; line-height: inherit;">instances, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not identified </font><font style="font-family: 'Times New Roman'; line-height: inherit;">until </font><font style="font-family: 'Times New Roman'; line-height: inherit;">after </font><font style="font-family: 'Times New Roman'; line-height: inherit;">they </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have been launched </font><font style="font-family: 'Times New Roman'; line-height: inherit;">against </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a target. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We and our service providers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be unable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to anticipate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">techniques, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">react </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in a timely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">manner, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or implement </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adequate preventative </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and mitigating </font><font style="font-family: 'Times New Roman'; line-height: inherit;">measures. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">efficiently </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and effectively </font><font style="font-family: 'Times New Roman'; line-height: inherit;">maintain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and upgrade </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our system </font><font style="font-family: 'Times New Roman'; line-height: inherit;">safeguards, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">incur </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unexpected </font><font style="font-family: 'Times New Roman'; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and certain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our systems </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">become </font><font style="font-family: 'Times New Roman'; line-height: inherit;">more </font><font style="font-family: 'Times New Roman'; line-height: inherit;">vulnerable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to unauthorized </font><font style="font-family: 'Times New Roman'; line-height: inherit;">access </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or disruption</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.&nbsp; </font> </font></p>
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<p style="margin: 0pt; text-indent: 0pt; text-align: justify; line-height: 1.2;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">We m<font style="font-style: italic; font-weight: bold; line-height: inherit;">a</font>y be unable to manage our future growth effectively, which could make it difficult to execute our business strategy. </font></p>
<p style="margin: 0pt; text-indent: 30pt; text-align: justify; line-height: 1.2;"><br></p>
<p style="margin: 0pt; text-indent: 30pt; text-align: justify; line-height: 1.2;">If our operations grow as planned, for which there can be no assurance, we will need to expand our sales, marketing, operations, and the number of partners with whom we do business. Our continued growth could increase the strain on our resources, and we could experience operating difficulties, including difficulties in hiring, training and managing an increasing number of employees. These difficulties may result in the erosion of our brand image, divert the attention of management and key employees and impact financial and operational results. The continued expansion of our business may also require additional space for administrative support. If we are unable to drive commensurate growth, these costs, which include lease commitments, marketing costs and headcount, could result in decreased margins, which could have an adverse effect on our business, financial condition and results of operations.</p>
<p style="margin: 0pt; text-indent: 30pt; text-align: justify; line-height: 1.2;"><br></p>
<p style="margin: 0pt; text-indent: 0pt; text-align: justify; line-height: 1.2;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">We have been, and may in the future be, adversely affected by health epidemics and pandemics, including the ongoing global COVID-19 pandemic, the duration and economic, governmental and social impact of which is difficult to predict, which may significantly harm our business, financial condition and results of operations. </font></p>
<p style="margin: 0pt; text-indent: 0pt; text-align: justify; line-height: 1.2;"><font style="font-style: italic; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-indent: 30pt; text-align: justify; line-height: 1.2;"><font style="line-height: inherit;">We face various risks related to public health issues, including epidemics, pandemics and other outbreaks, including the recent pandemic of respiratory illness caused by a novel coronavirus known as COVID-19. The impact of COVID-19, including changes in consumer and business behavior, pandemic fears and market downturns and restrictions on business and individual activities, has created significant volatility in the global economy and led to reduced economic activity. The spread of COVID-19 has also created a disruption in the manufacturing, delivery and overall supply chain of aircraft manufacturers and suppliers and has led to a global decrease in aircraft sales and usage in markets around the world. The duration and long-term impact of COVID-19 on our business is currently unknown. </font></p>
<p style="margin: 0pt; text-indent: 30pt; text-align: justify; line-height: 1.2;"><font style="line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-indent: 30pt; text-align: justify; line-height: 1.2;"><font style="line-height: inherit;">Government authorities have in the past implemented, and may in the future implement, numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines, stay-at-home or shelter-in-place orders, and business shutdowns. These measures, if implemented, may adversely impact our employees and operations and the operations of our suppliers, vendors and business partners, and may negatively impact our sales and marketing activities and the production schedule of our aircraft. In addition, various aspects of our business cannot be conducted remotely, including the testing and manufacturing of our aircraft. These measures by government authorities, if implemented, may remain in place for a significant period of time and have in the past adversely affected our testing, manufacturing plans, sales and marketing activities, business and results of operations.&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 30pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-indent: 30pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;">The spread of COVID-19 previously caused us and many of our contractors and service providers to modify our business practices, and we and our contractors and service providers may be required to take further actions as may be required by government authorities or that we determine are in the best interests of our employees, customers, suppliers, vendors and business partners. There is no certainty that such actions will be sufficient to mitigate the risks posed by the virus or otherwise be satisfactory to government authorities. If significant portions of our workforce or contractors and service providers are unable to work effectively, including due to illness, quarantines, social distancing, government actions or other restrictions in connection with the COVID-19 pandemic, our operations will be impacted.</font></p>
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<p style="margin: 0pt; text-indent: 30pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;">The extent to which health epidemics, including the COVID-19 pandemic, impact our business, prospects and results of operations will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to, the duration and spread of the COVID-19 pandemic, its severity, the actions to contain the virus or treat its impact and how quickly and to what extent normal economic and operating activities can resume. The COVID-19 pandemic could limit the ability of our customers, suppliers, vendors and business partners to perform, including third-party suppliers&#8217; ability to provide components and materials used in our aircraft. We may also experience an increase in the cost of raw materials used in the commercial production of our aircraft. Even after the COVID-19 pandemic has subsided, we may continue to experience an adverse impact to our business as a result of COVID-19&#8217;s global economic impact, including any recession that has occurred or may occur in the future.</font></p>
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<p style="margin: 0pt; text-indent: 30pt; text-align: justify; line-height: 1.2;">There are no comparable recent events which may provide guidance as to the effect of the spread of COVID-19 and a pandemic, and, as a result, the ultimate impact of the COVID-19 pandemic or a similar health epidemic is highly uncertain and subject to change. We do not yet know the full extent of COVID-19&#8217;s impact on our business, operations, or the global economy as a whole. However, the effects could have a material impact on our results of operations, and we will continue to monitor the situation closely.</p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">incurring increased </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">as a result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">operating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">as a public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">company, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and our management </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: 0.05pt; line-height: inherit;">is devoting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">substantial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">time </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to new compliance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">initiatives. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 30pt; text-align: justify; line-height: 1.2;"><font style="line-height: inherit;">As a public company, we are incurring significant legal, accounting and other expenses that we did not incur as a private company prior to the business combination, and these expenses may increase even more after we are no longer an emerging growth company, as defined in Section 2(a) of the Securities Act. As a public company, we are also subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as rules adopted, and to be adopted, by the SEC and the NYSE. Our management and other personnel are devoting a substantial amount of time to these compliance initiatives. Moreover, we expect these rules and regulations to substantially increase our legal and financial compliance costs and may make other activities more time-consuming and costly, which may increase our net loss. For example, we expect these rules and regulations may make it more difficult and more expensive for us to obtain director and officer liability insurance and we may be forced to accept reduced policy limits or incur substantially higher costs to maintain the same or similar coverage. We cannot predict or estimate the amount or timing of additional costs we may incur to respond to these requirements. The impact of these requirements could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors, our board committees or as executive officers.</font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-weight: bold; font-style: italic; line-height: inherit;">We are subject to risks associated with strategic alliances or acquisitions and may not be able to identify adequate strategic relationship opportunities, or form strategic relationships, in the future.</font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 30pt; text-align: justify; line-height: 1.2;">We have entered into strategic alliances and may in the future enter into additional strategic alliances, joint ventures or minority equity investments, in each case with various third parties for the production of our aircraft, development of an Urban Air Traffic Management solution, development of agnostic fleet operations and provision of aftermarket services. We may collaborate with other strategic parties with capabilities in the areas of data and analytics, industrial design and manufacture, user experience and engineering. These alliances subject us to a number of risks, including risks associated with sharing proprietary information, non-performance by the third-party and increased expenses in establishing new strategic alliances, any of which may adversely affect our business. We may have limited ability to monitor or control the actions of these third parties and, to the extent any of these strategic third parties suffer negative publicity or harm to their reputation from events relating to their business, we may also suffer negative publicity or harm to our reputation by virtue of our association with any such third party.</p>
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<p style="margin: 0pt; text-indent: 30pt; text-align: justify; line-height: 1.2;">Strategic business relationships will be an important factor in the growth and success of our business. However, there are no assurances that we will be able to continue to identify or secure suitable business relationship opportunities in the future or our competitors may capitalize on such opportunities before we do. Moreover, identifying such opportunities could require substantial management time and resources, and negotiating and financing relationships involves significant costs and uncertainties. If we are unable to successfully source and execute on strategic relationship opportunities in the future, our overall growth could be impaired, and our business, financial condition and results of operations could be adversely affected.</p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">When appropriate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">opportunities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">arise, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">acquire </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">additional </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">assets, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">products, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">technologies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">businesses </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">complementary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to our existing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">business. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to possible </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stockholder </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">approval, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we may need approvals </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and licenses </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">relevant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">authorities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">acquisitions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and to comply </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with any applicable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">laws and regulations, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in increased </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">delay </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and costs, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">disrupt </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our business strategy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we fail </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to do so. Furthermore, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">acquisitions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">subsequent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">integration </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of new assets </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and businesses into </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our own require </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">significant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">attention </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our management </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in a diversion </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of resources </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from our existing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">business, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which in turn </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have an adverse </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">effect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on our operations. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Acquired </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">assets </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or businesses may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not generate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we expect. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Acquisitions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">use of substantial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">amounts </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of cash, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">potentially </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dilutive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">issuances </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of equity </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">securities, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">occurrence </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of significant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">goodwill </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">impairment charges, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">amortization </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expenses </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">intangible </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">assets </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and exposure </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to potential </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">unknown liabilities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the acquired </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">business. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Moreover, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of identifying </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and consummating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">acquisitions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be significant. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">we or ERJ </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">experience </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">harm to our or its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">reputation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and brand, our business, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">could be adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">affected. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Continuing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to increase </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">strength </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our reputation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and brand </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">high-performing, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sustainable, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">safe </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and cost-effective </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">urban </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">air </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">mobility </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">critical </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to our ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to attract </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and retain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">customers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and partners. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Because ERJ </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our controlling </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stockholder </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and we are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">highly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reliant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on ERJ </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to provide </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us with certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">services and products, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">parts </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">components </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our eVTOL </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">MSA</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">strength </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ERJ</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">brand </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">critical </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to our ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to attract </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and retain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">customers. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our growth strategy includes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">plans </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">international </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expansion </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">through </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">joint </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ventures, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">minority </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">investments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">partnerships </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with local </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">companies, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as well </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as event </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">activations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and cross-marketing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">established </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">brands, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">all </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of which benefit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our reputation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and brand </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">recognition. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The successful </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">development </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our reputation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and brand </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">maintenance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of ERJ&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reputation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and brand </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">depend on </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a number </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">factors, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">many </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of which are outside </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">control. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Negative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">perception </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our platform </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or company </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or of our controlling </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stockholder </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and key supplier </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">harm </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our reputation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and brand, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as a result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">:</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<table style="width: 100%; margin: 0px; height: 187px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">

<tr style="height: 34px; margin: 0px; text-indent: 0px;">
<td style="width: 7%; height: 34px; text-align: center; margin: 0px; text-indent: 0px; vertical-align: top; padding-left: 0px; padding-right: 0px;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="width: 93%; height: 34px; margin: 0px; text-indent: 0px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">complaints </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or negative </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">publicity </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or reviews </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">about </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">us, ERJ, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">independent </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">third-party</font> <font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">aircraft operators,</font> <font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">fliers, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our air </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">mobility </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">services </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">brands </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or events </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">we associate </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">with, even if </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">factually incorrect </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or based </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">on isolated </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">incidents; </font></td>
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<td style="height: 17px; text-align: center; margin: 0px; text-indent: 0px; vertical-align: top; padding-left: 0px; padding-right: 0px;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="height: 17px; margin: 0px; text-indent: 0px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">changes </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to our operations, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">safety </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and security, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">privacy </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">policies </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">users </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or others </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">perceive </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">as overly </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">restrictive,</font> <font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">unclear </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or inconsistent </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">with our </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">values; </font></td>
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<td style="height: 17px; text-align: center; margin: 0px; text-indent: 0px; vertical-align: top; padding-left: 0px; padding-right: 0px;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="height: 17px; margin: 0px; text-indent: 0px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">illegal, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">negligent, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">reckless </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or otherwise </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">inappropriate </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">behavior </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">by ERJ, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">fliers, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">independent </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or other third </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">parties </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">involved </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">operation </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of our business </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or by our management </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">team </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">employees; </font></td>
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<td style="height: 34px; text-align: center; margin: 0px; text-indent: 0px; vertical-align: top; padding-left: 0px; padding-right: 0px;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="height: 34px; margin: 0px; text-indent: 0px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">actual </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or perceived </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">disruptions </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or defects </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in our flight </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">control </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">software, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">such as data </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">security </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">incidents, platform </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">outages, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">payment </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">processing </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">disruptions </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">incidents </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">impact </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">availability, reliability </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or security </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of our </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">offerings; </font></td>
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<td style="height: 17px; text-align: center; margin: 0px; text-indent: 0px; vertical-align: top; padding-left: 0px; padding-right: 0px;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="height: 17px; margin: 0px; text-indent: 0px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">litigation </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">over, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or investigations </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">by regulators </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">into, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our operations </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or those </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of ERJ </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or our independent </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">third-party</font> <font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">operators; </font></td>
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<td style="height: 17px; text-align: center; margin: 0px; text-indent: 0px; vertical-align: top; padding-left: 0px; padding-right: 0px;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="height: 17px; margin: 0px; text-indent: 0px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">a failure </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to operate </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our business </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in a way that </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">consistent </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">with our </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">values; </font></td>
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<td style="height: 17px; text-align: center; margin: 0px; text-indent: 0px; vertical-align: top; padding-left: 0px; padding-right: 0px;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="height: 17px; margin: 0px; text-indent: 0px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">negative </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">responses </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">by independent </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">third-party</font> <font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">operators </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or fliers </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to new mobility </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">offerings; </font></td>
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<td style="height: 17px; text-align: center; margin: 0px; text-indent: 0px; vertical-align: top; padding-left: 0px; padding-right: 0px;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="height: 17px; margin: 0px; text-indent: 0px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">perception </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of our treatment </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of employees, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">contractors </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or independent </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">third-party</font> <font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">operators </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and our response </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to their </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">sentiment </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">related </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to political </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or social </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">causes </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or actions </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of management; </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or </font></td>
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<td style="height: 17px; text-align: center; margin: 0px; text-indent: 0px; vertical-align: top; padding-left: 0px; padding-right: 0px;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="height: 17px; margin: 0px; text-indent: 0px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">any of the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">foregoing </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">with respect </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to our competitors, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">extent </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">such resulting </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">negative </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">perception affects </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">publi</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">c</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">&#8217;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">s perception </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of us or our </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">industry </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">as a whole </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">.</font></td>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>38</font></font></td>
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<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">In addition, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">changes </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">make </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to enhance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and improve </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our offerings </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and balance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">needs </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and interests of our independent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">third-party </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operators </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and fliers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be viewed positively </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">one </font><font style="font-family: 'Times New Roman'; line-height: inherit;">group&#8217;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s </font><font style="font-family: 'Times New Roman'; line-height: inherit;">perspective </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(such </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as fliers) </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">but negatively </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">another&#8217;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">perspective </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(such </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as independent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">third-party </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operators</font><font style="font-family: 'Times New Roman'; line-height: inherit;">)</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not be viewed positively </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by either </font><font style="font-family: 'Times New Roman'; line-height: inherit;">independent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">third-party </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operators </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or fliers. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fail </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to balance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">interests </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of independent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">third-party </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operators </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and fliers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or make </font><font style="font-family: 'Times New Roman'; line-height: inherit;">changes </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">they </font><font style="font-family: 'Times New Roman'; line-height: inherit;">view negatively, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">independent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">third-party </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operators </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and fliers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">stop </font><font style="font-family: 'Times New Roman'; line-height: inherit;">purchasing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or stop </font><font style="font-family: 'Times New Roman'; line-height: inherit;">using </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our platform </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or take </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fewer </font><font style="font-family: 'Times New Roman'; line-height: inherit;">flights, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">any of which could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our reputation, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">brand, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">business, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of operations. </font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Operations </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">and Infrastructure </font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">There is </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">a shortage </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">of pilots </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and mechanics </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">which could increase </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">our operating </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and reduce </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to deploy </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">our service </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">at scale. </font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">There </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a shortage </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of pilots </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">expected </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to exacerbate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">over </font><font style="font-family: 'Times New Roman'; line-height: inherit;">time </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as more </font><font style="font-family: 'Times New Roman'; line-height: inherit;">pilots </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">industry </font><font style="font-family: 'Times New Roman'; line-height: inherit;">approach mandatory </font><font style="font-family: 'Times New Roman'; line-height: inherit;">retirement </font><font style="font-family: 'Times New Roman'; line-height: inherit;">age. Similarly, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">trained </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and qualified </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">mechanics </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in short </font><font style="font-family: 'Times New Roman'; line-height: inherit;">supply. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">This will affect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aviation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">industry, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">UAM </font><font style="font-family: 'Times New Roman'; line-height: inherit;">services </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and more </font><font style="font-family: 'Times New Roman'; line-height: inherit;">specifically, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our business. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Our business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is dependent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on our operating </font><font style="font-family: 'Times New Roman'; line-height: inherit;">partners </font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8217;</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to recruit </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and retain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">pilots </font><font style="font-family: 'Times New Roman'; line-height: inherit;">qualified </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to operate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and mechanics </font><font style="font-family: 'Times New Roman'; line-height: inherit;">qualified </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to perform </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">requisite </font><font style="font-family: 'Times New Roman'; line-height: inherit;">maintenance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">activities, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">either </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or both of which may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be difficult </font><font style="font-family: 'Times New Roman'; line-height: inherit;">due to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">corresponding </font><font style="font-family: 'Times New Roman'; line-height: inherit;">personnel </font><font style="font-family: 'Times New Roman'; line-height: inherit;">shortages. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our partners </font><font style="font-family: 'Times New Roman'; line-height: inherit;">who will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our fleet </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of eVTOLs </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to hire, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">train, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and retain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">qualified </font><font style="font-family: 'Times New Roman'; line-height: inherit;">pilots </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and qualified </font><font style="font-family: 'Times New Roman'; line-height: inherit;">mechanics, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be harmed, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be unable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to implement </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our growth plans. </font></font></p>
<p style="margin: 0pt; text-indent: 30pt; line-height: 1.2;"><br></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 1.2; margin: 0cm 0cm 0.0001pt; font-size: 10pt;"><font style="font-size: 10pt; line-height: inherit;" lang="EN-US"><font style="font-family: 'times new roman', times; line-height: inherit;">This risk would be exacerbated if certifying authorities alter prevailing operating assumptions to require two pilots per aircraft.<font style="line-height: inherit;">&nbsp; </font>This would increase operating expenses of eVTOLs, possibly reducing addressable market, while also potentially delaying (or even cancelling) our ambitions for autonomous flights.</font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">We may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">not have enough qualified </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">employees. </font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Periodically, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">there </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">strong </font><font style="font-family: 'Times New Roman'; line-height: inherit;">competition </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aerospace </font><font style="font-family: 'Times New Roman'; line-height: inherit;">sector </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">qualified </font><font style="font-family: 'Times New Roman'; line-height: inherit;">employees, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">especially engineers. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Whenever </font><font style="font-family: 'Times New Roman'; line-height: inherit;">this </font><font style="font-family: 'Times New Roman'; line-height: inherit;">demand </font><font style="font-family: 'Times New Roman'; line-height: inherit;">occurs, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not be able </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to recruit </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and retain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">necessary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">number </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of engineers </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">qualified </font><font style="font-family: 'Times New Roman'; line-height: inherit;">employees. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to timely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">coordinate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our resources </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or attract </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and retain qualified </font><font style="font-family: 'Times New Roman'; line-height: inherit;">employees, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our development </font><font style="font-family: 'Times New Roman'; line-height: inherit;">efforts </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">slow down and cause </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">production </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and delivery </font><font style="font-family: 'Times New Roman'; line-height: inherit;">delays, which may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">us. </font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">Our aircraft </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">utilization </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">be lower than expected </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and our aircraft </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">be limited </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">in its </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">performance </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">during certain </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">weather conditions. </font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not be able </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to fly </font><font style="font-family: 'Times New Roman'; line-height: inherit;">safely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in poor weather </font><font style="font-family: 'Times New Roman'; line-height: inherit;">conditions, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">snowstorms, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">thunderstorms, lightning, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">hail, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">known icing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">conditions </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and/or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fog. Our inability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to operate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">conditions </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">reduce </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">utilization </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and cause </font><font style="font-family: 'Times New Roman'; line-height: inherit;">delays </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and disruptions </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in our services. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We intend </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to maintain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a high daily </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft utilization </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">which is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">amount </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of time </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">spend in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">air </font><font style="font-family: 'Times New Roman'; line-height: inherit;">carrying </font><font style="font-family: 'Times New Roman'; line-height: inherit;">passengers. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">High daily </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft utilization </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">achieved </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in part </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by reducing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">turnaround </font><font style="font-family: 'Times New Roman'; line-height: inherit;">times </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">vertiports </font><font style="font-family: 'Times New Roman'; line-height: inherit;">so we can fly </font><font style="font-family: 'Times New Roman'; line-height: inherit;">more </font><font style="font-family: 'Times New Roman'; line-height: inherit;">hours </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on average </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in a day. Aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">utilization </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">reduced </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by delays </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and cancellations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">various </font><font style="font-family: 'Times New Roman'; line-height: inherit;">factors, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">many </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of which are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">beyond our control, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; line-height: inherit;">weather </font><font style="font-family: 'Times New Roman'; line-height: inherit;">conditions, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">security </font><font style="font-family: 'Times New Roman'; line-height: inherit;">requirements, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">air </font><font style="font-family: 'Times New Roman'; line-height: inherit;">traffic </font><font style="font-family: 'Times New Roman'; line-height: inherit;">congestion </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and unscheduled maintenance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">events. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">The success </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">dependent, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">in part, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">utilization </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and reductions </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in utilization </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">performance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as well </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as cause </font><font style="font-family: 'Times New Roman'; line-height: inherit;">passenger dissatisfaction. </font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">Our aircraft </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">require </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">maintenance </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">at frequencies </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or at costs </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">which are unexpected </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and could adversely impact </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and operations. </font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">highly </font><font style="font-family: 'Times New Roman'; line-height: inherit;">technical </font><font style="font-family: 'Times New Roman'; line-height: inherit;">products </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">require </font><font style="font-family: 'Times New Roman'; line-height: inherit;">maintenance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and support. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">still </font><font style="font-family: 'Times New Roman'; line-height: inherit;">developing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our understanding </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">long-term </font><font style="font-family: 'Times New Roman'; line-height: inherit;">maintenance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">profile </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">useful </font><font style="font-family: 'Times New Roman'; line-height: inherit;">lifetimes </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">shorter </font><font style="font-family: 'Times New Roman'; line-height: inherit;">than expected, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">this </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">lead </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to greater </font><font style="font-family: 'Times New Roman'; line-height: inherit;">maintenance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; line-height: inherit;">previously </font><font style="font-family: 'Times New Roman'; line-height: inherit;">anticipated. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and related equipment </font><font style="font-family: 'Times New Roman'; line-height: inherit;">require </font><font style="font-family: 'Times New Roman'; line-height: inherit;">maintenance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">more </font><font style="font-family: 'Times New Roman'; line-height: inherit;">frequently </font><font style="font-family: 'Times New Roman'; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we plan </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">exceed </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our estimates, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">would disrupt </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our service </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and have a material </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; line-height: inherit;">effect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on our business, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">condition, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of operations. </font></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">We are subject </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to risks </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">associated </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">with climate </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">change, including </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">the potential </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">increased </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">impacts </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">of severe weather events </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">on our operations </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and infrastructure. </font></font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">The potential </font><font style="font-family: 'Times New Roman'; line-height: inherit;">physical </font><font style="font-family: 'Times New Roman'; line-height: inherit;">effects </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of climate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">change, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">such as increased </font><font style="font-family: 'Times New Roman'; line-height: inherit;">frequency </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and severity </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of storms, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">floods, fires, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">fog, mist, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">freezing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">conditions, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">sea-level </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rise </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">climate-related </font><font style="font-family: 'Times New Roman'; line-height: inherit;">events, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our operations, infrastructure </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">results. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">incur </font><font style="font-family: 'Times New Roman'; line-height: inherit;">significant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to improve </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">climate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">resiliency </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our infrastructure </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and otherwise </font><font style="font-family: 'Times New Roman'; line-height: inherit;">prepare </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">respond </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to, and mitigate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">such physical </font><font style="font-family: 'Times New Roman'; line-height: inherit;">effects </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of climate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">change. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We are not able </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to accurately </font><font style="font-family: 'Times New Roman'; line-height: inherit;">predict </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">materiality </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of any potential </font><font style="font-family: 'Times New Roman'; line-height: inherit;">losses </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or costs </font><font style="font-family: 'Times New Roman'; line-height: inherit;">associated </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">physical </font><font style="font-family: 'Times New Roman'; line-height: inherit;">effects </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of climate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">change. </font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">We are subject </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to many hazards and operational </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">risks </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">can disrupt </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">our business, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">interruptions </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or disruptions </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">in service </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">at our facilities, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">which could have a material </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">effect </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">on our business, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">of operations. </font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Our operations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">subject </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to many </font><font style="font-family: 'Times New Roman'; line-height: inherit;">hazards </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and operational </font><font style="font-family: 'Times New Roman'; line-height: inherit;">risks </font><font style="font-family: 'Times New Roman'; line-height: inherit;">inherent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to our business, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">general business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">risks, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">product </font><font style="font-family: 'Times New Roman'; line-height: inherit;">liability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and damage </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to third </font><font style="font-family: 'Times New Roman'; line-height: inherit;">parties, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our infrastructure </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or properties </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be caused </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by fires, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">floods </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">natural </font><font style="font-family: 'Times New Roman'; line-height: inherit;">disasters, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">power losses, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">telecommunications </font><font style="font-family: 'Times New Roman'; line-height: inherit;">failures, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">terrorist </font><font style="font-family: 'Times New Roman'; line-height: inherit;">attacks </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(including hijacking, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">use of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as a weapon, or use of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to disperse </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a chemical </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or biological </font><font style="font-family: 'Times New Roman'; line-height: inherit;">agent), catastrophic </font><font style="font-family: 'Times New Roman'; line-height: inherit;">loss </font><font style="font-family: 'Times New Roman'; line-height: inherit;">due to security </font><font style="font-family: 'Times New Roman'; line-height: inherit;">related </font><font style="font-family: 'Times New Roman'; line-height: inherit;">incidents, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">human </font><font style="font-family: 'Times New Roman'; line-height: inherit;">errors </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and similar </font><font style="font-family: 'Times New Roman'; line-height: inherit;">events. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Additionally, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our manufacturing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">operations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">hazardous </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">times </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">expose </font><font style="font-family: 'Times New Roman'; line-height: inherit;">us to safety </font><font style="font-family: 'Times New Roman'; line-height: inherit;">risks, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">environmental </font><font style="font-family: 'Times New Roman'; line-height: inherit;">risks and health </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and safety </font><font style="font-family: 'Times New Roman'; line-height: inherit;">hazards </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to our employees </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or third </font><font style="font-family: 'Times New Roman'; line-height: inherit;">parties. </font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Financial Risks<br></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">We have broad discretion </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">in how </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">we use the net proceeds </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">the business </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">combination, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">and we may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">not use them </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">effectively. </font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">We cannot </font><font style="font-family: 'Times New Roman'; line-height: inherit;">specify </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with any certainty </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">particular </font><font style="font-family: 'Times New Roman'; line-height: inherit;">uses </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">net </font><font style="font-family: 'Times New Roman'; line-height: inherit;">proceeds </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we received </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">combination. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Our management </font><font style="font-family: 'Times New Roman'; line-height: inherit;">has broad </font><font style="font-family: 'Times New Roman'; line-height: inherit;">discretion </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in applying </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">net </font><font style="font-family: 'Times New Roman'; line-height: inherit;">proceeds </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we received </font><font style="font-family: 'Times New Roman'; line-height: inherit;">upon consummation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">combination. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">use the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">net </font><font style="font-family: 'Times New Roman'; line-height: inherit;">proceeds </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">general </font><font style="font-family: 'Times New Roman'; line-height: inherit;">corporate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">purposes, including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">working capital, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">operating </font><font style="font-family: 'Times New Roman'; line-height: inherit;">expenses, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and capital </font><font style="font-family: 'Times New Roman'; line-height: inherit;">expenditures, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">use a portion </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">net proceeds </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to acquire </font><font style="font-family: 'Times New Roman'; line-height: inherit;">complementary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">businesses, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">products, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">offerings, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or technologies. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; line-height: inherit;">spend or invest these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">proceeds </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in a way with which our stockholders </font><font style="font-family: 'Times New Roman'; line-height: inherit;">disagree. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our management </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fails </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to use these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">funds effectively, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be seriously </font><font style="font-family: 'Times New Roman'; line-height: inherit;">harmed. </font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">securities </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or industry </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">analysts </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">either </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">do not publish </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">research </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">about us, or publish </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">inaccurate </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or unfavorable research </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">about us, our business, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or our market, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or, if </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">such analysts </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">change their </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">recommendations </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">regarding our common </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">adversely, </font> <font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">the trading </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">or trading </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">volume </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">of our common </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">could decline. </font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">The trading </font><font style="font-family: 'Times New Roman'; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our common </font><font style="font-family: 'Times New Roman'; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">influenced </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in part </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">research </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and reports </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">securities </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or industry </font><font style="font-family: 'Times New Roman'; line-height: inherit;">analysts </font><font style="font-family: 'Times New Roman'; line-height: inherit;">publish </font><font style="font-family: 'Times New Roman'; line-height: inherit;">about </font><font style="font-family: 'Times New Roman'; line-height: inherit;">us, our business, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our market, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or our competitors. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">one or more </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">analysts initiate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">research </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with an unfavorable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">rating </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or downgrade our common </font><font style="font-family: 'Times New Roman'; line-height: inherit;">stock, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">provide </font><font style="font-family: 'Times New Roman'; line-height: inherit;">more </font><font style="font-family: 'Times New Roman'; line-height: inherit;">favorable recommendations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">about </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our competitors, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or publish </font><font style="font-family: 'Times New Roman'; line-height: inherit;">inaccurate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or unfavorable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">research </font><font style="font-family: 'Times New Roman'; line-height: inherit;">about </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our business, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our common </font><font style="font-family: 'Times New Roman'; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; line-height: inherit;">would likely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">decline. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any analyst </font><font style="font-family: 'Times New Roman'; line-height: inherit;">who may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">cover </font><font style="font-family: 'Times New Roman'; line-height: inherit;">us were to cease </font><font style="font-family: 'Times New Roman'; line-height: inherit;">coverage </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of us or fail </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to regularly </font><font style="font-family: 'Times New Roman'; line-height: inherit;">publish </font><font style="font-family: 'Times New Roman'; line-height: inherit;">reports </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on us, we could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">lose </font><font style="font-family: 'Times New Roman'; line-height: inherit;">visibility </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">markets, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">which in turn </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">cause </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the trading </font><font style="font-family: 'Times New Roman'; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or trading </font><font style="font-family: 'Times New Roman'; line-height: inherit;">volume </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our common </font><font style="font-family: 'Times New Roman'; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to decline. </font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">Our available </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">capital </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">resources </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">not be sufficient </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">to meet </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">the requirements </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">additional </font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; line-height: inherit;">capital. </font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Prior </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">consummation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">combination, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our operations </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and capital </font><font style="font-family: 'Times New Roman'; line-height: inherit;">expenditures </font><font style="font-family: 'Times New Roman'; line-height: inherit;">were financed </font><font style="font-family: 'Times New Roman'; line-height: inherit;">primarily </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with ERJ&#8217;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">available </font><font style="font-family: 'Times New Roman'; line-height: inherit;">cash. On January 23, 2023, EVE Solu&#231;&#245;es de Mobilidade A&#233;rea Urbana, Ltda. (&#8220;Eve Brazil&#8221;), a Brazilian limited liability company and a wholly owned subsidiary of the Company, entered into a loan agreement with Banco Nacional de Desenvolvimento Econ&#244;mico e Social &#8211; BNDES, Brazilian Development Bank (&#8220;BNDES&#8221;), pursuant to which, subject to the conditions set forth therein, BNDES agreed to grant two lines of credit to Eve Brazil, with an aggregate amount of R$490.00 million (approximately U.S.$95.25 million), to support the first phase of the development of the Company&#8217;s eVTOL project. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">In the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">future, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be required </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to raise </font><font style="font-family: 'Times New Roman'; line-height: inherit;">capital </font><font style="font-family: 'Times New Roman'; line-height: inherit;">through public </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or private </font><font style="font-family: 'Times New Roman'; line-height: inherit;">financing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">arrangements. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Such financing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not be available </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on acceptable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">terms, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">or at all, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and our failure </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to raise </font><font style="font-family: 'Times New Roman'; line-height: inherit;">capital </font><font style="font-family: 'Times New Roman'; line-height: inherit;">when needed </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">harm </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our business. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">For example, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">COVID-19 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">pandemic </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and related </font><font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">has resulted </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in, and may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">continue </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to result </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in, significant </font><font style="font-family: 'Times New Roman'; line-height: inherit;">disruption </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and volatility </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">global </font><font style="font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; line-height: inherit;">markets </font><font style="font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to access </font><font style="font-family: 'Times New Roman'; line-height: inherit;">capital. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">sell </font><font style="font-family: 'Times New Roman'; line-height: inherit;">equity securities </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or debt </font><font style="font-family: 'Times New Roman'; line-height: inherit;">securities </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in one or more </font><font style="font-family: 'Times New Roman'; line-height: inherit;">transactions </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">prices </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and in a manner </font><font style="font-family: 'Times New Roman'; line-height: inherit;">as we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">determine </font><font style="font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; line-height: inherit;">time to time. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we sell </font><font style="font-family: 'Times New Roman'; line-height: inherit;">any such securities </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in subsequent </font><font style="font-family: 'Times New Roman'; line-height: inherit;">transactions, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our current </font><font style="font-family: 'Times New Roman'; line-height: inherit;">investors </font><font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">be materially </font><font style="font-family: 'Times New Roman'; line-height: inherit;">diluted. Any debt </font><font style="font-family: 'Times New Roman'; line-height: inherit;">financing, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; line-height: inherit;">available, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">involve </font><font style="font-family: 'Times New Roman'; line-height: inherit;">restrictive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">covenants </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and could </font><font style="font-family: 'Times New Roman'; line-height: inherit;">reduce </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our operational </font><font style="font-family: 'Times New Roman'; line-height: inherit;">flexibility </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or profitability. </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we cannot </font><font style="font-family: 'Times New Roman'; line-height: inherit;">raise </font><font style="font-family: 'Times New Roman'; line-height: inherit;">funds </font><font style="font-family: 'Times New Roman'; line-height: inherit;">on acceptable </font><font style="font-family: 'Times New Roman'; line-height: inherit;">terms, </font> <font style="font-family: 'Times New Roman'; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; line-height: inherit;">not be able </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to grow our business </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or respond </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to competitive </font><font style="font-family: 'Times New Roman'; line-height: inherit;">pressures. </font></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">EAH is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a majority </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">stockholder </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of the Company. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">The concentration </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of ownership may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">demand for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Eve Holding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">shares. </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 5.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EAH </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">holds </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a significant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">majority </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the Company&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">shares </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">While </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EAH </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">maintains </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such holding, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as a consequence </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such holding, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EAH </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have substantial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">influence </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">over </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve Holding&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s business, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">decisions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regarding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">mergers, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">consolidations, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sale </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of all </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or substantially </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">all </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">assets, election </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of directors, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">declaration </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of dividends </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">significant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">corporate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">actions. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">controlling stockholder, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EAH </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">take </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">actions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">best </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">interests </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the Company&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stockholders. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">These actions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be taken </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in many </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cases </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">even if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">they </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">opposed by the Company&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stockholders. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, this </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">concentration </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of ownership </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">discourage, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">delay </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or prevent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a change </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in control </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">deprive stockholders </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of an opportunity </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to receive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a premium </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">trading </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">shares </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as part </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of a sale </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the Company.<br></font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Risks Related to our Ties to Brazil </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Developments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and the perception </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of risk </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">in Brazil </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">countries, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">especially </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">emerging </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">markets, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">may adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">our business, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of operations. </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 5.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">While </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a Delaware </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">corporation, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ERJ, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our indirect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">controlling </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stockholder </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and main </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">supplier, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as well </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as one of our operating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">subsidiaries, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">both Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">companies. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a result, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">value </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be affected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by economic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">conditions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in Brazil </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">countries, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">European Union and Latin </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">American </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">countries </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">emerging </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">countries. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Although economic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">conditions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in those </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">countries </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">differ </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">significantly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">conditions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U.S., </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">investors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reactions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to developments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">countries </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have an adverse </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">effect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">value </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our securities. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Crises elsewhere </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">diminish </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">investor </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">interest </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with strong </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ties </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to Brazil, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">like </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us. This could adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">trading </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">make </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">more </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">difficult </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us to access </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the capital </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">markets </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and finance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on acceptable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">terms, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">all. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">To the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">extent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">conditions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">global </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">markets </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or economy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">deteriorate, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be adversely affected. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The weakness </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">global </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">has been marked </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by, among </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">factors, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">lower </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">levels </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of consumer </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and corporate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">confidence, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">decreased </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">investment </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and consumer </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">spending, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increased unemployment, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reduced </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">income </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and asset </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">values </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in many </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">areas, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">currency </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">volatility </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and limited </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">availability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of credit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and access </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to capital. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Developments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or economic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">conditions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">emerging </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">countries </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">times significantly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">availability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of credit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with significant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in Brazil </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and resulted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in considerable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">outflows </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of funds </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazil, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">decreasing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">amount </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of foreign </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">investments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in Brazil </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and impacting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">overall </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growth expectations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Crises </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and political </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">instability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">emerging </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">countries, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as well </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">United </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">States, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Europe </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">countries, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increased </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">international </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">trade </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">tensions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and protectionist </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">policies, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">decrease investor </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">demand </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">offered </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with significant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in Brazil, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such as ours. Additionally, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growing economic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">uncertainty </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and news of a potentially </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">recessive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">United </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">States may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">create </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">uncertainty </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">These developments, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as well </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as potential </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">crises </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and other forms </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of political </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">instability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">arising </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">therefrom </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or any other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">unforeseen </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">development, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the United </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">States </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">global </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and capital </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">markets, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which may, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in turn, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">materially </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our business, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of operations. </font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>41</font></font></td>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">political </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and economic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">conditions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">have a direct </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">on us and may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">our business, financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of operations. </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">federal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">has frequently </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">intervened </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and occasionally </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">has made </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">significant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">changes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to policy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and regulations, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">monetary, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fiscal, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">credit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and tariff </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">policies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and rules. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">actions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to control </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">inflation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">policies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and regulations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have often involved, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">among </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">measures, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increases </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or decreases </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in interest </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rates, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">changes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in tax </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">policies, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">wage </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and price controls, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">blocking </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">access </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to bank accounts, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">foreign </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exchange </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">controls, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">currency </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exchange </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and remittance controls, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">devaluations, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">capital </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">controls </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and import </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and export </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">restrictions. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We have no control </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">over </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and cannot predict </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">what measures </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or policies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">take </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and how these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us and our business. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our business, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by changes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in policy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and regulations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">federal, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">state </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or municipal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">level </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">involving </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">factors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such as: </font></p>
<p style="line-height: 6pt; margin: 0.25pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 104%; margin: 0pt 14.6pt 0pt 45pt; text-align: justify; text-indent: -15pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">&#8226;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expansion </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or contraction </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as measured </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by gross </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">domestic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">product, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or GDP, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rates; </font></p>
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<p style="margin: 0pt 0pt 0pt 30pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">&#8226;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">interest </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rates; </font></p>
<p style="margin: 0pt 0pt 0pt 30pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt 0pt 0pt 30pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">&#8226;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; exchange rates</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">; </font></p>
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<p style="margin: 0pt 0pt 0pt 30pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">&#8226;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">currency </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fluctuations; </font></p>
<p style="line-height: 6.5pt; margin: 0.25pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 30pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">&#8226;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">monetary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">policies; </font></p>
<p style="line-height: 6.5pt; margin: 0.25pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 30pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">&#8226;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">inflation;<br></font></p>
<p style="line-height: 6.5pt; margin: 0.25pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 30pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">&#8226;</font><font style="font-weight: bold; line-height: inherit;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; liquidity of capital and lending markets; </font></p>
<p style="line-height: 6.5pt; margin: 0.25pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 30pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">&#8226;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">import </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and export </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">controls; </font></p>
<p style="line-height: 6.5pt; margin: 0.25pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 30pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">&#8226;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">&nbsp;&nbsp; </font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exchange </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">control </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and restrictions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on remittances </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">abroad; <br></font></p>
<p style="line-height: 6.5pt; margin: 0.25pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 30pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">&#8226;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">&nbsp;&nbsp; </font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">modifications to laws and regulations according to political, social and economic interests; </font></p>
<p style="line-height: 6.5pt; margin: 0.25pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 30pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">&#8226;</font><font style="font-weight: bold; line-height: inherit;">&nbsp;&nbsp; </font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; economic, political and social instability, including general strikes and mass demonstrations; </font></p>
<p style="line-height: 6.5pt; margin: 0.25pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 30pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">&#8226;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">&nbsp;&nbsp; </font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regulatory </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">framework </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">governing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">aeronautical </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sector;</font></p>
<p style="margin: 0pt 0pt 0pt 30pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt 0pt 0pt 30pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">&#8226;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">&nbsp;&nbsp; </font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">commodity prices; </font></p>
<p style="line-height: 6.5pt; margin: 0.25pt 0pt 0pt; text-align: justify;"><br></p>
<p style="margin: 0pt 0pt 0pt 30pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">&#8226;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">health, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as a result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of epidemics </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and pandemics, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such as the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">COVI</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.05pt; line-height: inherit;">D</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">-</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pandemic; </font></p>
<p style="line-height: 6.5pt; margin: 0.25pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 30pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">&#8226;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fiscal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">policies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and changes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in tax </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">laws; <br></font></p>
<p style="line-height: 6.5pt; margin: 0.25pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 30pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">&#8226;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">labor and social security regulations; </font></p>
<p style="margin: 0pt 0pt 0pt 30pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt 0pt 0pt 30pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">&#8226;</font><font style="font-weight: bold; line-height: inherit;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; energy and water shortages and rationing; and </font></p>
<p style="margin: 0pt 0pt 0pt 30pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt 0pt 0pt 30pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">&#8226;</font><font style="font-weight: bold; line-height: inherit;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; other political, diplomatic, social and economic developments in or affecting Brazil. <br></font></p>
<p style="line-height: 6.5pt; margin: 0.25pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Uncertainty </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">over </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">whether </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">would implement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">changes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in policy, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regulation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or legislation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affecting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">above mentioned </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">factors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and others </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">creates </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">instability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy, increasing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">volatility </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">These uncertainties </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">developments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our activities, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and consequently </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our operating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">results. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We cannot </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">predict which policies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adopt </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or whether </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">newly adopted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">policies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or changes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in current policies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have an adverse </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">effect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on us or the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">These factors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">compounded </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as Brazil emerges </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a prolonged </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">recession </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">after </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a period </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of a slow recovery. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 1.2; margin: 0cm 0cm 0.0001pt; font-size: 10pt;"><font style="font-size: 10pt; line-height: inherit;" lang="EN-US"><font style="font-family: 'times new roman', times; line-height: inherit;">Brazil&#8217;s GDP<font style="letter-spacing: -0.05pt; line-height: inherit;"> has fluctuated over the past decade. Brazil&#8217;s GDP is expected to have grew 3.0% </font>in 2022 and had a growth rate of 5.0% in 2021, a contraction rate of 3.3% in 2020, driven by the COVID-19 pandemic, growth rates of 1.1% in 2019 and 2018, 1.3% in 2017, contraction rates of 3.3% in 2016 and 3.5% in 2015, and growth rates of 0.5% in 2014, 3.0% in 2013, 1.9% in 2012, 4.0% in 2011 and 7.5% in 2010. According to the Focus bulletin dated<font style="letter-spacing: 0.05pt; line-height: inherit;"> January 27</font>, 2023, the consensus of Brazilian economists was for expectations of Brazilian GDP to increase 0.8% in 2023.</font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><br></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have been, and will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">continue </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to be, affected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growth rate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">GDP. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Developments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazil&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growth rates </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and, consequently, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">use of our products </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and services. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Further, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazil</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">political </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">environment </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">has historically </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">influenced, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and continues </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to influence, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the performance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">country&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The recent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">instability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in Brazil </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">has contributed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to a decline </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">confidence </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as well </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as to a deteriorating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">political </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">environment. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As has been true </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">past, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">current </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">political </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and economic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">environment </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in Brazil </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">has affected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and is continuing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">confidence </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of investors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">general </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which has historically </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">resulted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in economic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">deceleration </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and heightened </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">volatility </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">offered </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with significant operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in Brazil, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Political </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">instability, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">as a result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">ongoing corruption </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">investigations, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">our business, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of operations.&nbsp; </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazil&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">political </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">environment </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">has historically </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">influenced, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and continues </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to influence, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">performance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the country&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Political </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">crises </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have affected, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and continue </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to affect, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">confidence </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of investors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in general, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">resulting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in economic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">downturn and heightened </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">volatility </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">issued </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by Brazilian companies, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">like </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ERJ.</font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">markets </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have experienced </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">heightened </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">volatility </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">due to uncertainties </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">derived </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ongoing investigations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">into </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">money </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">laundering </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and corruption </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">conducted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Federal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Police </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Federal Prosecutor&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Office, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">investigations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and political </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">environment. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The ultimate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">outcome </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">investigations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">uncertain, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">but they </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">had an adverse </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">image </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and reputation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">implicated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">companies, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">general </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">perception </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We cannot </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">predict </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">effects </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of further </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">political </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">developments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">policies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adopt </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">outcome </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and development </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of any of these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">investigations, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which has affected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">continue </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of operations. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">during </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">month </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of April </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2020, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: 0.05pt; line-height: inherit;">former </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">President </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of Brazil </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">became </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">involved </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in political </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">discussions that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">culminated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dismissal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">then </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Minister </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of Health, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Luiz Henrique </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Mandetta </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">request </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for exoneration </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">then </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Minister </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of Justice, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sergio </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Moro. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">These former </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Ministers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">were considered </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reliable individuals </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">current </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and, therefore, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cabinet </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">changes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">caused </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">further </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">instability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and capital </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">markets. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">date </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of this </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">report, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">President </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Jair Bolsonaro </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">investigation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Supreme </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Court for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">alleged </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">improprieties </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">based </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on accusations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">made </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by former </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Justice </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Minister </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sergio </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Moro. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">According </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">former </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">minister, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">president </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">tried </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to unduly influence </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">appointment </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">federal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">police </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">officers. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">president </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">found to have committed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such acts, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">then </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any ensuing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">consequences, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a potential </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">impeachment, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have adverse effects </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">political </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and economic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">environment </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in Brazil, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as well </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as businesses </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in Brazil, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including us. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Furthermore, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: 0.1pt; line-height: inherit;"> <font style="font-size: 10pt; font-family: 'Times New Roman', serif; line-height: inherit;" lang="EN-US">Brazil&#8217;s former </font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">President </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Jair </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Bolsonaro&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">COVID-19 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">responses </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have been strongly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">criticized </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in Brazil </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and abroad. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">COVID-19 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">disruptive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">effects </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have enhanced </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">political </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">uncertainty </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in Brazil, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">especially considering </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">political </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">discussions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">culminated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dismissal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or resignation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Federal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Ministers, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as well </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">corruption </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">accusations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">against </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: 0.05pt; line-height: inherit;">former </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">President </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Jair </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Bolsonaro. </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On April </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">14th, 2021, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Senate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">established </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a parliamentary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">commission </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Comiss&#227;o </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Parlamentar </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">de </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Inqu&#233;rtio </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or CPI), to investigate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">alleged </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">mishandling </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">funds </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">assigned </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to combat </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">COVID-19 effects </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in Brazil. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Endorsed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Supreme </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Court Minister, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Luis Roberto </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Barroso, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">CPI&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s purpose </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to investigate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">actions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and omissions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">federal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">while </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fighting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pandemic, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as well </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as the healthcare </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">system </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">collapse </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">State </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of Amazonas </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in early </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2021. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 12pt; margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; line-height: inherit;" lang="EN-US"><font style="font-family: 'times new roman', times; line-height: inherit;">In addition, the Brazilian Supreme Court has recently annulled the criminal convictions against<font style="letter-spacing: 0.05pt; line-height: inherit;"> then-</font>former Brazilian President Luiz In&#225;cio Lula da Silva, and subsequently reinstated his political rights, which enabled him to run for presidency in the<font style="letter-spacing: 0.05pt; line-height: inherit;"> October 2022 </font>election.<font style="line-height: inherit;">&nbsp; </font>Mr. Luiz In&#225;cio Lula da Silva was victorious in the election and took office as President on January 1, 2023.</font> </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">There </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">can be no assurance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">political </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">events </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not cause </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">further </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">instability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian economy, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in capital </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">markets </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">trading </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">issued </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by us. We cannot </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">guarantee </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as these events </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">unfold, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">they </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not have additional </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">impacts </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and political </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">situation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in Brazil. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The recent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">instability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in Brazil, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">especially </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as impacted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">COVID-19 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">outbreak, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">has contributed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to a decline </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">confidence </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as well </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as a deterioration </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">political </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">environment. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The current administration </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">promised </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">during </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">electoral </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">campaign </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to be committed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to a strong </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">anticorruption </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">agenda </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and a liberal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">view. However, due to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fragmented </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">legislation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and different </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">views within </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">administration, there </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">uncertainties </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regarding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">two branches </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which can </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">lead </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to increases </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in volatility </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and risks </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">A failure </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to implement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">necessary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and structural </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reforms </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">result in diminished </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">confidence </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">budgetary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and fiscal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">standing, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which could result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in a downgrade of Brazil&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sovereign </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">foreign </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">credit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by credit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">agencies, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">negatively </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">impact Brazil&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and lead </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to further </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">depreciation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">currency </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and an increase </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in inflation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and interest </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rates, which could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our business, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of operations. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Inflation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and government </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">efforts </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to combat </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">inflation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">economy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and lead </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to heightened </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">volatility </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">in the Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">capital </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">markets </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and, consequently, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">our business, financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of operations. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Historically, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazil </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">has experienced </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">high inflation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rates. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Inflation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">actions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">taken </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Central Bank to curb </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have had significant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">negative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">effects </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">According </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">National Consumer </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Index </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">&#205;ndice </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Nacional </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">de </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Pre&#231;os </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">ao </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Consumidor </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Amplo</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or IPCA, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">published </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by The Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Institute </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of Geography and Statistics </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Instituto </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Brasileiro </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">de Geografia </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">e </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Estat&#237;stic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: 0.1pt; line-height: inherit;">a</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) (</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: 0.05pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">IBGE</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">inflation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rates </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">were </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5.90 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">%</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">10.06 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">%, 4.52% and 4.3% in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2022, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2021, 2020 and 2019, respectively. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazil </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may experience </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">high levels </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of inflation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and inflationary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pressures </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">lead </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government intervening </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and introducing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">policies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">harm </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our common stock. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">past, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">interventions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">included </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">maintenance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of a restrictive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">monetary policy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with high interest </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rates </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">restricted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">credit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">availability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and reduced </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growth, causing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">volatility in interest </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rates. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For example, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">official </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">interest </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in Brazil </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">oscillated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7.00% as of December </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">31, 2017, to 2.00% as of December </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">31, 2020, as established </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Monetary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Policy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Committee </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Comit&#234; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> de Pol&#237;tica </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Monet&#225;ria </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">do Banco Central </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">do Brasil&#8212;COPOM</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) in a meeting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on August 5th, 2020. In May 2021, these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rates increased </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">again </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to 3.5%. As of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">January 8, 2023</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">official </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">interest </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">was 13.75%. Conversely, more </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">lenient </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and Central </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Bank policies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and interest </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">decreases </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have triggered </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">continue to trigger </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increases </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in inflation, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and, consequently, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growth volatility </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">need for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sudden and significant interest </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increases, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">negatively </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us and increase </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our indebtedness. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Given that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">up to 10% of our future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">revenues </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to be in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">reai</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: 0.05pt; line-height: inherit;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">particularly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by increased </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">inflation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in Brazil, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and we may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not be able </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to increase </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">amount </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">charged </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to our customers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">same rate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in inflation. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Therefore, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">inflation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">measures </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to combat </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">inflation have had, and may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">continue </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to have, significant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">effects </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and on our business. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Strict monetary policies,<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>with high interest rates and high requirements for compulsory deposits,<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>can restrict Brazil&#8217;s growth and the availability of credit.<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>On the other hand, softer government and central bank policies and declining interest rates may trigger increases in inflation and, consequently,<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>the volatility of economic growth and the need for sudden and significant increases in interest rates. </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Inflationary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pressures </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in government </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">intervention </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">policies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">overall </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">performance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which could, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in turn, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Inflation, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">measures </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to contain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">inflation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and speculation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">about potential </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">measures </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">can also </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">contribute </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to significant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">uncertainty </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in relation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and weaken investor </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">confidence, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which can affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to access </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">finance, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">access </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to equity </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of international capital </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">markets. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">measures </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reductions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in interest </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rates, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">intervention </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the foreign </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exchange </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and actions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to adjust </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or fix </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">value </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">rea</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: 0.05pt; line-height: inherit;">l</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">trigger </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increases </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in inflation, adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affecting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">overall </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">performance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Inflation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">can also </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our costs </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and expenses, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and we may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not be able </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to transfer </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such costs </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to customers, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reducing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our profit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and net </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">profit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">margins. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">high inflation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rates </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">generally </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">interest </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rates </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and, therefore, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">debt </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">service </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">portion </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our debt </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">reai</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: 0.05pt; line-height: inherit;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, which is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">indexed to floating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rates, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Due to this, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">net </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">profit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">decrease. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Inflation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">effects </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">related </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">interest </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rates </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in addition, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reduce </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">liquidity </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">capital </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">markets, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which would affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to refinance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our indebtedness </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in those </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">markets. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Exchange rate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">volatility </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">have adverse </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">effects </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">on the Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">economy, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">our business, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of operations. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">currency </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">rea</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: 0.05pt; line-height: inherit;">l</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) has, during </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">last </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">decades, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">experienced </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">frequent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and substantial variations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in relation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U.S. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dollar </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">foreign </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">currencies. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In 2018, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">depreciated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">against </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U.S. dollar </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in comparison </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to December </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">31, 2017, reaching </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$3.8748 per </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;" lang="EN-US">U.S.$</font>1.00 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as of December </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">31, 2018. In 2019, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">depreciated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">against </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U.S. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dollar </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in comparison </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to December </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">31, 2018, reaching </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$4.0307 per </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;" lang="EN-US">U.S.$</font>1.00 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as of December </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">31, 2019. In 2020, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">depreciated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">against </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U.S.</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dollar </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in comparison </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to December </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">31, 2019, reaching </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$5.1967 per </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;" lang="EN-US">U.S.$</font>1.00 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as of December </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">31, 2020. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In 2021 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">had further </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">depreciated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">against </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U.S. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Dollar, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reaching </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$5.5799 per </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;" lang="EN-US">U.S.$</font>1.00</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, and in 2022 the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">appreciated against </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U.S. dollar, reaching R$5.2780 per <font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;" lang="EN-US">U.S.$</font>1.00. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">There </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">can be no assurance that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not appreciate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or depreciate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">further </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">against </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U.S. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dollar </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">currencies. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Depreciation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">against </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U.S. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dollar </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">creates </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">inflationary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pressures </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in Brazil </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and causes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increases in interest </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rates, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which negatively </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affects </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growth of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as a whole, curtails </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">access </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to foreign </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">markets </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">prompt </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">intervention, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">recessionary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">governmental policies. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Depreciation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">against </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U.S. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dollar </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">has also, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">context </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of an economic slowdown, led </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to decreased </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">consumer </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">spending, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">deflationary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pressures </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and reduced </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growth of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as a whole. On the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">hand, appreciation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">relative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U.S. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dollar </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">foreign </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">currencies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could lead </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to a deterioration </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">foreign </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exchange </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">current </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">accounts, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as well </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as dampen </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">export-driven growth. Depending on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">circumstances, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">either </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">depreciation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or appreciation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">materially </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Depreciation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">relative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">prevailing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of inflation, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us, mainly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">due to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fact </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we have a good amount </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our labor </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and engineering </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">development </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in Brazil </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">linked </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and fluctuations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">relative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to inflation, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in different </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">engineering </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and selling, general </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and administrative </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(SG&amp;A) expenses. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Depreciations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">relative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U.S. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dollar </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us, mainly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">due to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fact </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that we will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">maintain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">majority </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our cash </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">denominated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in U.S. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dollars </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">same </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">time </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a significant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">portion </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">of our development </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">costs </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">are </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">linked </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">to the </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">Brazilian </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; font-style: italic; line-height: inherit;">real </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">currency. </font> <font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">A significant </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">fluctuation </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">Brazilian </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; font-style: italic; line-height: inherit;">real </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">versus </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">U.S. </font> <font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">dollar </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">result </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">in different </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">than </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">expected </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">development </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">expenses </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">in dollar </font><font style="text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman'; line-height: inherit;">terms. </font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>45</font></font></td>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">hand, an appreciation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">relative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U.S. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dollar </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">foreign </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">currencies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may deteriorate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">foreign </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exchange </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">current </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">accounts. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We and certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our suppliers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">purchase </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">goods and services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">countries </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">outside </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazil, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and thus </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">changes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">value </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U.S. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dollar </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">compared </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to other currencies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of goods and services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we purchase. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Depending on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">circumstances, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">either devaluation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or appreciation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">relative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U.S. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dollar </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">foreign </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">currencies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">restrict </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the growth of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as well </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as our business, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and profitability. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a result, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be materially </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by exchange </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">variations. </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Infrastructure </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and workforce </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">deficiency </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">in Brazil </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">economic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">growth and have a material </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">adverse effect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">on our business, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">condition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of operations. </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our performance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">overall </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">health </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and growth of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">global </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">specifically </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in Brazil. In Brazil, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">GDP </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growth has fluctuated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">over </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">past </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">few years, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with contractions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of 3.5% and 3.3% in 2015 and </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2016, respectively, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">followed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by growth of 1.1% in both 2017 and 2018. In 2019, Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">GDP </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">grew by 1.0%, and in 2020, it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">contracted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4.1%. In 2021, Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">GDP </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">grew by 5.0% </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and in 2022, it is expected that GDP grew 3.0% </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. Growth is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">limited </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by inadequate infrastructure, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">potential </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">energy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">shortages </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and deficient </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">transportation, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">logistics </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and telecommunication sectors, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">general </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">strikes, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">lack </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of a qualified </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">labor </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">force </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(particularly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in information </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">technology </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sectors), </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">lack </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of private </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">investments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">areas, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which limit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">productivity </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and efficiency. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Additionally, despite </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">continuity </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and crisis </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">management </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">policies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">currently </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in place, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">travel </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">restrictions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or potential impacts </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on personnel </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">due to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">COVID-19 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pandemic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">disrupt </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">markets </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in which we operate. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Any of these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">factors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">lead </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to labor </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">volatility </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and generally </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">income, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">purchasing power and consumption </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">levels, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">limit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growth and ultimately </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have a material </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">effect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on us. </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Any further </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">downgrading of Brazil&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">credit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">rating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">could adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of our common stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and debt </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">instruments. </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 5.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Given the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">current </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">significance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our Brazil </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to our results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as a whole, we may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be harmed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by investors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">perceptions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of risks </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">related </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to Brazil&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sovereign </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">debt </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">credit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rating. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Rating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">agencies regularly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">evaluate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazil </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sovereign </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">credit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ratings, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">based </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on a number </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of factors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including macroeconomic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">trends, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fiscal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and budgetary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">conditions, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">indebtedness </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">metrics </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">perspective </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of changes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in any of these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">factors. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The rating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">agencies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">began to review </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazil&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sovereign </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">credit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in September </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2015. Subsequently, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the three </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">major </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">agencies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">downgraded Brazil&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">investment-grade </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">status: </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
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<td style="width: 7%; height: 69px; text-align: center; vertical-align: top; padding: 1px 1px 4px;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;&nbsp;</font> </font></td>
<td style="width: 93%; height: 69px; text-align: justify; padding: 1px 1px 4px;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">In January </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">2018, Standard </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&amp; Poor&#8217;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">s</font> <font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">downgraded Brazil&#8217;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">s</font> <font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">sovereign </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">debt </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">credit </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">rating </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">BB </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">BB-minus </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">with a stable </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">outlook </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in light </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of doubts </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">regarding </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">presidential </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">election </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and social </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">security reform </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">efforts. </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">In February </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">2019, Standard </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&amp; Poor&#8217;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">s</font> <font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">affirmed </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Brazil&#8217;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">s</font> <font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">sovereign </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">credit </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">rating </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">BB-minus </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">with a stable </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">outlook. </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">In December </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">2019, Standard </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&amp; Poor&#8217;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">s</font> <font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">affirmed </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Brazil&#8217;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">s</font> <font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">sovereign credit </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">rating </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">BB-minus </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">with a positive </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">outlook. </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">In April </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">2020, Standard </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&amp; Poor&#8217;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">s</font> <font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">maintained Brazil&#8217;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">s</font> <font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">sovereign </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">credit </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">rating </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">BB-minus </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and revised </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">outlook </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">on this </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">rating </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to stable, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">which were reaffirmed </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in November </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">2021. </font></td>
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<td style="height: 17px; text-align: center; vertical-align: top;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;&nbsp;</font> </font><br></td>
<td style="height: 17px; text-align: justify;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">In April 2018, Moody&#8217;s maintained Brazil&#8217;s sovereign debt credit rating at Ba2, but changed its prospect from negative to stable, maintaining it in September 2018, citing the expected new government spending cuts. In May 2019, Moody&#8217;s affirmed Brazil&#8217;s sovereign credit rating at Ba2 and changed the outlook to stable. In May 2020, Moody&#8217;s reaffirmed Brazil&#8217;s sovereign credit rating at Ba2 with a stable outlook. </font></td>
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<div style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">
<p style="margin: 0pt; font-size: 10pt; line-height: 1.2; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In February 2018, Fitch downgraded Brazil&#8217;s sovereign credit rating again to BB-negative, citing, among other reasons, fiscal deficits, the increasing burden of public debt and an inability to implement reforms that would structurally improve Brazil&#8217;s public finances. In November 2019, Fitch maintained Brazil&#8217;s sovereign credit rating at BB-minus, citing the risk of tax and economic reforms and political instability. In May 2020, Fitch changed its outlook to negative in the context of developments relating to the COVID-19 pandemic, which was reaffirmed in May and in December 2021, and in December 2022. </font></p>
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<td style="text-align: center; vertical-align: top; width: 7%;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important; font-weight: bold;">&#8226;</font><br></td>
<td style="vertical-align: top; text-align: justify; width: 93%;" valign="top"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">As of December 31, 2022, Brazil&#8217;s sovereign credit ratings were BB- with a stable outlook, Ba2 with a stable outlook and BB- with a negative outlook by S&amp;P, Moody&#8217;s and Fitch, respectively, which is below investment grade. Any further downgrading in Brazil&#8217;s sovereign credit ratings or our rating may increase the perception of risk of investors and, as a result, increase the future cost of debt issuances, adversely affecting us. </font></td>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Additionally, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a downgrade of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sovereign </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">credit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of Brazil </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our own credit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rating, hindering </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to secure </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">loans </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">competitive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rates </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">compared </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to our competitors, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to grow our business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and consequently, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">shares. </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Any decrease </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">in Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">government-sponsored </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">customer </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">financing, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">or increases </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">in government-sponsored financing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">benefits </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">our competitors, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">decrease </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the competitiveness </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of our aircraft. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Traditionally, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">aircraft </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">original </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">equipment </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">manufacturers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(&quot;OEMs&quot;), have received </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">support </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">governments through </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">governmental </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">export </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">credit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">agencies, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or ECAs, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in order </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to offer </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">competitive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">conditions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to their customers, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">especially </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in periods </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of credit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">tightening </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">traditional </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">lending </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Government </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">support </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">constitute </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">unofficial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">subsidies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">causing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">distortions, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to disputes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">among </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">governments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">World </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Trade </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Organization, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or WTO. Since </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2007, an agreement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">known as the Aircraft </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sector </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Understanding, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or ASU, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">developed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Organization </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Economic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Co-operation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and Development, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or OECD, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">has provided </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">guidelines </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">predictable, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">consistent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and transparent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">use of government-supported </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">export </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sale </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or lease </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of civil </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">aircraft, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in order </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to establish </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">level-playing field.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ECAs </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">signatory </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">countries </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to offer </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">terms </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and conditions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">no more </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">favorable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">those contained </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ASU&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s base </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">agreement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">when financing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sales </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of aircraft </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">compete </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with those produced </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">OEMs of their </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">respective </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">countries. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The effect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">agreement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to encourage </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">aircraft purchasers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to focus </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and quality </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of aircraft </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">products </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">offered </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by OEMs rather </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial packages </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">offered </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by their </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">respective </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">governments. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ECA, <!--StartFragment --></font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> BNDES, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">together </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">National </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Treasury </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Export Guarantee </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Fund, offer </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and export </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">credit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">insurance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to our customers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">terms </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and conditions required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ASU. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.05pt; line-height: inherit;">On January 23, 2023, Eve Brazil entered into a loan agreement with BNDES, pursuant to which BNDES agreed, subject to the conditions set forth therein, to grant two lines of credit to Eve Brazil, with an aggregate amount of R$490.00 million (approximately U.S.$95.25 million), to support the first phase development of the Company&#8217;s eVTOL project. Any future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reduction </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or restriction </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">export </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">program, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and any increase </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in our customers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">participation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in this </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">program, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">above those </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provided </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ASU&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s base financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">agreement, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cause </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cost-competitiveness </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our aircraft </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to decline. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">external </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">factors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may also </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our competitiveness </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">but not limited </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to, aircraft </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">OEMs from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">countries </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not signatories </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ASU </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">agreement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">offering </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">attractive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">packages, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or any new government subsidies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">supporting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any of our major </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">competitors. </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Risks Related </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">to the Business Combination </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">become </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">exercisable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the Company&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">stock, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">which would increase </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the number of shares </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">eligible </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">resale </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">in the public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">in dilution </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to our stockholders. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">There </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">11,500,000 outstanding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to purchase </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">11,500,000 shares </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">an exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of $11.50 per </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">share, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">became </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exercisable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on June 8, 2022. In addition, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">there </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">14,250,000 private </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">placement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">outstanding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exercisable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">14,250,000 shares </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">an exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of $11.50 per </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">share. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Moreover, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">there </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">outstanding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">new warrants, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be, as applicable, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exercisable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">23,295,072 shares </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">an exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of $0.01 per </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">share contingent on the achievement of certain milestones,<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>(ii)<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>12,000,000 shares of common stock at an exercise price of $15.00 per share without further contingency and (iii)<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>5,000,000 shares of common stock at an exercise price of $11.50 per share without further contingenc<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">y</font>. To the extent such warrants are exercised,<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>additional shares of common stock will be issued,<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>which will result in dilution to the holders of the Company&#8217;s common stock and increase the number of shares eligible for resale in the public market.<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>Sales of substantial numbers of such shares in the public market could adversely affect the market price of our common stock,<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>the impact of which is increased as the value of our stock price increases. </font></p>
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<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">redeem </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">unexpired </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">warrants and certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">warrants prior </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to their </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">at a time </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">is disadvantageous </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to you, thereby </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">making </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">your warrants worthless. </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-indent: 22.5pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We have the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to redeem </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">outstanding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any time </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">after </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">they become </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exercisable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and prior </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to their </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expiration, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of $0.01 per </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrant, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provided </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">closing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">equals </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or exceeds</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$18.00 per </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">share </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(as </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adjusted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">splits, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">capitalizations, reorganizations, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">recapitalizations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">like) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any 20 trading </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">days within </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a 30-trading </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">day period </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ending </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">third </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">trading </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">day prior </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to proper </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">notice </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of such redemption </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provided </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">date </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we give </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">notice </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of redemption. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not redeem </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">unless </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">an effective </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">registration </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">statement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Act covering </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">shares </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">issuable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">upon exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">effective </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and a current </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">prospectus relating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to those </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">shares </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">available </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">throughout </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">30-day </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">redemption </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">period, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">except </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be exercised </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on a cashless </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">basis </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and such cashless </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exempt </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">registration </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the Securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Act. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and when </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">become </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">redeemable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by us, we may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our redemption </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">right </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">even if we are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">unable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to register </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or qualify </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">underlying </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sale </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">all </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">applicable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">state </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">laws. Redemption </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">outstanding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">force </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">you to ( </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">your warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and pay the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price therefor </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a time </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">when it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be disadvantageous </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">you to do so, (ii) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sell </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">your warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">then-current market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">when you might </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">otherwise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">wish to hold your warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or (iii) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">accept </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">nominal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">redemption </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price which, at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">time </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">outstanding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">called </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">redemption, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">likely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to be substantially </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">less </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">value </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of your warrants. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">None of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">private </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">placement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be redeemable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by us for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cash </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">so long as they </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">held </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by their </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">initial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">purchasers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or their </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">permitted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">transferees. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-indent: 22.5pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 22.5pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Historical trading prices for our shares of common stock have varied between a low of approximately $5.30 per </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">share </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on June 29, 2022, to a high of approximately </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: 0.15pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$13.34 per </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">share </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on September 22</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, 2022, but have not approached </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$18.00 per </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">share </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">threshold </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">redemption</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(which, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as described </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">above, would be required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for 20 trading days within a 30 trading-day period after they become exercisable and prior to their expiration,<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>at which point the public warrants would become redeemable).<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.15pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>In the event that the Company elects to redeem all of the redeemable warrants as described above, the Company will fix a date for the redemption.<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>Notice of redemption will be mailed by first class mail,<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>postage prepaid,<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>by us not less than 30 days prior to the redemption date to the registered holders of the public warrants to be redeemed at their last addresses as they appear on the registration books. Any notice mailed in the manner provided in the applicable warrant agreement shall be conclusively presumed to have been duly given whether or not the registered holder received such notice.<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>In addition,<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>beneficial owners of the redeemable warrants will be notified of such redemption by our posting of the redemption notice to DTC. </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">There can be no assurance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">our public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">warrants, private </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">placement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">or certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">warrants will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">be in the money </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">at the time </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">they </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">become </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">exercisable, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and they </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">expire </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">worthless. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-indent: 22.5pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-indent: 22.5pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">outstanding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and private </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">placement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$11.50 per </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">share </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">prices </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">new warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$11.50 per </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">share </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock and $15.00 per </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">share </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">There </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">can be no assurance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">money following </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">time </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">they </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">become </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exercisable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and prior </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to their </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expiration, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and as such, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expire worthless. </font></p>
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<td class="pgno" style="padding: 0px; margin: 0px; text-indent: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>48</font></font></td>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">amend the terms </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of the public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">warrants in a manner that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">be </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to holders </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">warrants with the approval </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">by the holders </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of at least </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">50% of the then-outstanding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">warrants. As a result, the exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of your warrants could be increased, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">period </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">could be shortened </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and the number of shares </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of our common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">purchasable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">upon exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of a public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">warrant could be decreased, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">all </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">without the approval </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">warrant holders. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have been issued </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in registered </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">form </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Warrant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Agreement. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Warrant Agreement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provides </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">terms </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be amended </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">without </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">consent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of any holder </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to cure </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any ambiguity </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or correct </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any defective </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provision, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">but </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">requires </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">approval </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">holders </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">least </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">50% of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">then outstanding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to make </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any change </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affects </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">interests </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">registered </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">holders </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Accordingly, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">amend </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">terms </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in a manner </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to a holder </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">holders </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of at least </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">50% of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">then </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">outstanding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">approve </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of such amendment. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Although our ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to amend </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the terms </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">consent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">least </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">50% of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">then </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">outstanding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">unlimited, examples </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of such amendments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be amendments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to, among </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">things, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the warrants, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">convert </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">into </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cash </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or stock </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a ratio </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">different </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">initially </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provided), </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">shorten </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exercise period </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or decrease </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">number </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of shares </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">purchasable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">upon exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of a warrant. </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">face </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">litigation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">risks </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">as a result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the material </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">weaknesses in our internal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">control </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">over financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">reporting. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Following </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">issuance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Staff </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Statement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on Accounting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and Reporting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Considerations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Warrants Issued </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by Special </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Purpose </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Acquisition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on April </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">12, 2021, our management </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and our audit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">committee concluded </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">was appropriate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to restate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our previously </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">issued </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">audited </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">statements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as of December </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">31,&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2020. We identified </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">material </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">weaknesses </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in our internal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">control </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">over </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reporting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">related </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">accounting for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">instruments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">issued </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in connection </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">IPO in November </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2020. In addition, in September 2022, the Company reviewed its accounting for certain warrants to acquire an aggregate of 24,200,000 shares of common stock that were issued and became exercisable at the closing on May 9, 2022, of the transactions contemplated by the BCA. The Company also reviewed the accounting for certain warrants to acquire an aggregate of 200,000 shares of common stock that are issuable and exercisable pursuant certain future milestones. On September 23, 2022, the Audit Committee of the Board of Directors of the Company (the &#8220;Audit Committee&#8221;), after considering the recommendations of management regarding the accounting treatment for the warrants described above, concluded that the Company&#8217;s consolidated financial statements as of and for the year ended December 31, 2021, and condensed consolidated financial statements as of and for the three months ended March 31, 2022, and as of and for the three and six months ended June 30, 2022, should be restated and should no longer be relied upon.<br></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of such material </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">weaknesses, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">restatement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">statements, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">change </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in accounting for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">forward </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">contract </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to issue </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">additional </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">matters raised </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be raised </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">SEC, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we face </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">potential </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">litigation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">disputes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which may include, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">among </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">others, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">claims </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">invoking </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">federal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and state </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">laws, contractual </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">claims </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">claims arising </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">restatement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and material </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">weaknesses </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in our internal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">control </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">over </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reporting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the preparation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">statements. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of December </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">31, 2022, we have no knowledge of any such litigation or dispute. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">However, we can provide </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">no assurance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such litigation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or dispute </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not arise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Any such litigation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or dispute, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">whether </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">successful </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or not, could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have a material </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">effect</font> on our business financial condition, and results of operations.<br></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">The market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and trading </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">volume </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of our securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">be volatile </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and could decline </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">significantly. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">markets, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">NYSE </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on which we list </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our securities, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">time-</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to-time </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">experience significant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and volume </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fluctuations. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Even if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">an active, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">liquid </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and orderly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">trading </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">develops </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and is sustained </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our securities, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be volatile </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">decline </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">significantly. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">trading </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">volume </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in our securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fluctuate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and cause </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">significant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">variations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to occur. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">declines </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">significantly, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">you may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be unable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to resell </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">your securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">an attractive price </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(or </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">all). </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Factors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affecting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">trading </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">include: </font></p>
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<td style="margin: 0px; text-indent: 0px; text-align: left; width: 3.5%;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="margin: 0px; text-indent: 0px; width: 93%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">realization </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of any of the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">risk </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">factors </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">presented </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in this </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">Annual Report on Form 10-K;</font> </font></td>
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<td style="margin: 0px; text-indent: 0px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="margin: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">actual </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or anticipated </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">fluctuations </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in our </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">results </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">f</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">inancial </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">results </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of companies </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">perceived </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to be similar </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">us; </font></td>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>49</font></font></td>
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<td style="width: 3.5%; height: 17px; vertical-align: top; text-align: left;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></td>
<td style="width: 93%; height: 17px; text-align: justify;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">actual </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">or </font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">anticipated </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">differences </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in our estimates, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or in the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">estimates </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of analysts, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our revenues, adjusted </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">EBITDA, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">results </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of operations, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">level </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of indebtedness, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">liquidity </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or financial </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">condition; </font></td>
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<td style="height: 17px; vertical-align: top; width: 3.5%; text-align: left;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px; text-align: justify; width: 93%;"><font style="height: 17px; width: 93%; line-height: inherit;"><font style="line-height: inherit;">changes</font> <font style="line-height: inherit;">in the</font> <font style="line-height: inherit;">market</font><font style="line-height: inherit;">&#8217;</font><font style="line-height: inherit;">s</font> <font style="line-height: inherit;">expectations</font> <font style="line-height: inherit;">about</font> <font style="line-height: inherit;">our operating</font> <font style="line-height: inherit;">results;</font> </font></td>
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<td style="height: 17px; vertical-align: top; width: 3.5%; text-align: left;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></td>
<td style="height: 17px; text-align: justify; width: 93%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">failure </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to comply </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">with the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">requirements </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">NYSE; </font></td>
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<td style="height: 17px; vertical-align: top; width: 3.5%; text-align: left;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></td>
<td style="height: 17px; text-align: justify; width: 93%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">failure </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to comply </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">with the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Sarbanes-Oxley </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Act or other </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">laws or </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">regulations; </font></td>
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<td style="height: 17px; vertical-align: top; width: 3.5%; text-align: left;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px; text-align: justify; width: 93%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">public&#8217;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">s</font> <font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">reaction </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to our press </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">releases, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">its </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">other </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">public </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">announcements </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and its </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">filings </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">with the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">SEC; </font></td>
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<td style="height: 17px; vertical-align: top; width: 3.5%; text-align: left;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px; text-align: justify; width: 93%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">broad </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">disruptions </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">markets, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">sudden disruptions </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">credit </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">markets; </font></td>
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<td style="text-align: center; vertical-align: top; width: 3.5%; height: 17px;"><br></td>
<td style="height: 17px; vertical-align: top; width: 3.5%; text-align: left;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px; text-align: justify; width: 93%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">speculation </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">press </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or investment </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">community; </font></td>
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<td style="height: 17px; vertical-align: top; width: 3.5%; text-align: left;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></td>
<td style="height: 17px; text-align: justify; width: 93%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">success </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">competitors; </font></td>
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<td style="height: 17px; vertical-align: top; width: 3.5%; text-align: left;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></td>
<td style="height: 17px; text-align: justify; width: 93%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">operating </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">results </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">failing </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to meet </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">expectations </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of securities </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">analysts </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or investors </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in a particular </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">period; </font></td>
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<td style="height: 17px; vertical-align: top; width: 3.5%; text-align: left;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px; text-align: justify; width: 93%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">changes </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in financial </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">estimates </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and recommendations </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">by securities </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">analysts </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">concerning </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">us or the industry </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in which we operate </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">general; </font></td>
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<td style="height: 17px; vertical-align: top; width: 3.5%; text-align: left;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px; text-align: justify; width: 93%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">operating </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and stock </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">price </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">performance </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of other </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">companies </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">investors </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">deem </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">comparable </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">us; </font></td>
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<td style="height: 17px; vertical-align: top; width: 3.5%; text-align: left;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></td>
<td style="height: 17px; text-align: justify; width: 93%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">ability </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to market </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">new and enhanced </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">products </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and services </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">on a timely </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">basis; </font></td>
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<td style="height: 17px; vertical-align: top; width: 3.5%; text-align: left;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px; text-align: justify; width: 93%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">changes </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in laws and regulations </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">affecting </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">business; </font></td>
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<td style="height: 17px; vertical-align: top; width: 3.5%; text-align: left;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></td>
<td style="height: 17px; text-align: justify; width: 93%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">changes </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in accounting </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">principles, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">policies </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">guidelines; </font></td>
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<td style="height: 17px; vertical-align: top; width: 3.5%; text-align: left;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px; text-align: justify; width: 93%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">changes </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in our capital </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">structure, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">such as future </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">issuances </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of securities </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">incurrence </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">debt; </font><br></td>
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<td style="height: 17px; vertical-align: top; width: 3.5%; text-align: left;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px; text-align: justify; width: 93%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">volume </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of shares </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of our common </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">stock </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">available </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">public </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">sale; </font></td>
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<td style="text-align: center; vertical-align: top; width: 3.5%; height: 17px;"><br></td>
<td style="height: 17px; vertical-align: top; width: 3.5%; text-align: left;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px; text-align: justify; width: 93%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">any major </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">change </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in our board </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">management; </font></td>
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<td style="text-align: center; vertical-align: top; width: 3.5%; height: 17px;"><br></td>
<td style="height: 17px; vertical-align: top; width: 3.5%; text-align: left;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px; text-align: justify; width: 93%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">future </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">issuances, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">sales, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">resales </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or repurchases </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or anticipated </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">issuances,</font> <font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">sales, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">resales </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or repurchases, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of our </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">securities; </font></td>
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<td style="text-align: center; vertical-align: top; width: 3.5%; height: 17px;"><br></td>
<td style="height: 17px; vertical-align: top; width: 3.5%; text-align: left;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></td>
<td style="height: 17px; text-align: justify; width: 93%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">sales </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of substantial </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">amounts </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of our common </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">stock </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">by our directors, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">executive </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">officers </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or significant stockholders </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">perception </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">such sales </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">occur; </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and </font></td>
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<td style="height: 17px; vertical-align: top; width: 3.5%; text-align: left;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></td>
<td style="height: 17px; text-align: justify; width: 93%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">general </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">economic </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and political </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">conditions </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">such as recessions,</font> <font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">interest </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">rates, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">fuel </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">prices, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">international currency </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">fluctuations;</font> <font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and </font><br></td>
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<td style="height: 17px; vertical-align: top; width: 3.5%; text-align: left;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8226;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font><br></td>
<td style="height: 17px; text-align: justify; width: 93%;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">other </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">events </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">or </font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">factors,</font> <font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">those </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">resulting </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">infectious </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">diseases, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">health </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">epidemics </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and pandemics </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">(including </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">ongoing COVID-19 </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">public </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">health </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">emergency), </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">natural </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">disasters, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">acts </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of war or terrorism </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or responses </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to these </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">events. </font></td>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Broad market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and industry </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">factors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">materially </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">harm </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">irrespective </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our operating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">performance. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in general </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">has experienced </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">extreme </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">volatility </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">has often </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">been unrelated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">performance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">particular </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of this </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">volatility, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">you may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not be able to sell </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">your securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or above the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which they </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">were acquired. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">A loss </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of investor </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">confidence </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stocks </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which investors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">perceive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to be </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">similar </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">depress </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our stock price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regardless </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our business,</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and results of operations</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">A decline </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could also </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to issue </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">additional </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and our ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to obtain additional </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future. </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>50</font></font></td>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">There can be no assurance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">we will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">be able </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to maintain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">compliance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">with the listing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">standards </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of the NYSE. </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">listed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">NYSE. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">However, although </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we currently </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">meet </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the minimum </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">initial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">listing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">standards </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">NYSE, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">there </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">can be no assurance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will continue to be listed on the NYSE in the future.<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>In order to continue listing our securities on the NYSE,<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: -0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>we must maintain certain financial,<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>distribution and share price levels,<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>and a minimum number of holders of our securities. </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">NYSE </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">delists </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any of our securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">trading </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exchange </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and we are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not able </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to list </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on another </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">national </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exchange, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we expect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be quoted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on an </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">over-the-counter </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">this </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">were to occur, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">face </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">significant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">material </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">consequences, including: </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
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<td style="width: 7%; height: 17px; text-align: center; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="width: 93%; height: 17px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">a limited </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">availability </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of market </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">quotations </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">securities; </font></td>
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<td style="height: 17px; text-align: center; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="height: 17px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">reduced </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">liquidity </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">securities; </font></td>
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<td style="height: 34px; text-align: center; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="height: 34px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">a determination </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our common </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">stock </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">a </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8220;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">penny stock,</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8221;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">which will </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">require </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">brokers </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">trading </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in our common </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">stock </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to adhere </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to more </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">stringent </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">rules </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and possibly </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">result </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in a reduced </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">level </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of trading activity </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">secondary </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">trading </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">market </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">securities; </font></td>
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<td style="height: 17px; text-align: center; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="height: 17px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">a limited </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">amount </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of news and analyst </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">coverage;</font> <font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and </font></td>
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<td style="height: 17px; text-align: center; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="height: 17px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">decreased </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">ability </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to issue </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">additional </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">securities </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or obtain </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">additional </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">financing </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">future. </font></td>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The National </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Markets </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Improvement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Act of 1996, which is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a federal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">statute, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">prevents </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or preempts the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">states </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regulating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sale </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">securities, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">referred </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to as </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">covered </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">securities.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Because </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">listed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">NYSE, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">they </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">covered </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">statute. Although the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">states </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">preempted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regulating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sale </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our securities, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">federal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">statute </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">does allow </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the states </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to investigate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">there </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a suspicion </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of fraud, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and, if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">there </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a finding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of fraudulent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">activity,&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">then </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">states </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">can regulate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or bar </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sale </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of covered </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in a particular </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">case. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">State </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regulators may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">use these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">powers, or threaten </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to use these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">powers, to hinder </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sale </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in their </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">states. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Further, if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">no longer </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">listed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">NYSE, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">then </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">would not be covered securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and we would be subject </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to regulation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in each </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">state </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in which we offer </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our securities. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Delaware law and provisions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">in the Charter and Bylaws could make </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a takeover </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">proposal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">more </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">difficult. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our organizational </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">documents </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">governed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by Delaware </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">law. Certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provisions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of Delaware </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">law and of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Charter </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and Bylaws could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">discourage, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">delay, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">defer </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or prevent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a merger, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">tender </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">offer, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">proxy contest </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or other change </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of control </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">transaction </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a stockholder </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">might </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">consider </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">best </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">interest, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">those </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">attempts </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that might </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in a premium </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">over </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">shares </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">held </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by our stockholders. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">These provisions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provide </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">among </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">things: </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>
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<td style="width: 7%; text-align: center; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="width: 93%; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">ability </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of our board </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of directors </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to issue </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">one or more </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">series </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of preferred </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">stock; </font></td>
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<td style="text-align: center; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="margin: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">certain </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">limitations </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">on convening </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">special </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">stockholder </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">meetings; </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and </font></td>
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<td style="text-align: center; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="margin: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">advance </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">notice </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">nominations </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of directors </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">by stockholders </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and for </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">stockholders </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to include </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">matters </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to be considered </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our annual </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">meetings. </font></td>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">These anti-takeover </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provisions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as well </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provisions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of Delaware </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">law could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">make </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">more </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">difficult for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a third </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">party </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to acquire </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us, even if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">third </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">party&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">offer </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be considered </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">beneficial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by many </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our stockholders. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a result, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our stockholders </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be limited </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in their </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to obtain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a premium </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">their </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">shares. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If prospective </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">takeovers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not consummated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any reason, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">experience </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">negative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reactions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">markets, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">negative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">impacts </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">These provisions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">also discourage </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">proxy contests </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and make </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">more </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">difficult </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our stockholders </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to elect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">directors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of their </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">choosing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and to cause </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us to take </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">corporate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">actions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our stockholders </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">desire. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">See </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Description </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of Securities</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>51</font></font></td>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to operate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">effectively </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">depends in large </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">part </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">on certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">administrative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and other support </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">functions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">provided </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to us by ERJ </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">pursuant to the Services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Agreements. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Following the expiration or termination </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of the Services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Agreements, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">our ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to operate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">effectively </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">suffer </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">is unable to cost-effectively </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">establish </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">own </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">administrative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">support </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">functions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">in order </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">operate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">as a stand-alone </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">company. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">administrative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">resources </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of ERJ, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">information </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">technology, financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reporting, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">tax, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">treasury, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">human </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">resources, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">procurement, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">insurance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and risk </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">management </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and legal services, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to operate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our business. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In connection </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pre-Closing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Restructuring, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">entered </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">into </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">three </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">MSAs, including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">one by and between </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve and ERJ </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and another </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by and between </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve and </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Atech </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. Pursuant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to such MSAs, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ERJ </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and its subsidiaries </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve and its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: 0.05pt; line-height: inherit;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ubsidiaries) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">supply </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">products </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and perform </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">certain services, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">relating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">development, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">certification, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">manufacturing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and support </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of eVTOLs. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The initial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">term </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the MSAs is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to end on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">10th anniversary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">effective </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">date </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of such agreement, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">case </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">MSA with </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Atech</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, and on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">15th anniversary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">effective </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">date </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of such agreement, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">case </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">MSA with ERJ. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve also </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">entered </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">into </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a MSA</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Subsidiary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pursuant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to which the Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Subsidiary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">develop </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and facilitate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">execution </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of a commercial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">plan </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">strategic development </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UAM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: 0.05pt; line-height: inherit;">o</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">n behalf </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of Eve. In addition, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Subsidiary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">entered </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">into </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a SSA</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with ERJ </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and EAH </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pursuant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to which the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ERJ e</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ntities </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve and its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Subsidiaries) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provide </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">corporate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and administrative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to Eve and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Subsidiary. The initial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">term </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">SSA with ERJ</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to end on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">15th anniversary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">effective </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">date of such agreement. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">These services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not be sufficient </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to meet </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">needs </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not be provided </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">same </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">level </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as when the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">entities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">comprising </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve were part </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of ERJ. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We and ERJ </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">each </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to perform </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our respective </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">obligations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Agreements. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ERJ </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">unable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to satisfy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">material </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">obligations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">agreement, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the agreement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">terminated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as to any services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or entirely, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not be able </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to obtain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">all </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or obtain the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on terms </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as favorable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as those </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Agreements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as a result, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">suffer </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operational difficulties </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or significant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">losses. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">prior </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">date </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on which the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Agreements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">were entered </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">into, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve and its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Subsidiaries received </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">informal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">support </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ERJ </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as wholly owned subsidiaries </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of ERJ, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">level </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of this </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">informal support </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">diminish </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">now that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a separate, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">independent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">company. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Any failure </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or significant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">interruption of our own administrative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">systems </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or in ERJ</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">administrative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">systems </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">during </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">term </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Services Agreements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in unexpected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">costs, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">impact </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or prevent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">paying </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our suppliers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or employees </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and performing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">administrative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on a timely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">basis. </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Eve may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">have been able </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to obtain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">better </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">terms </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">unaffiliated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">third </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">parties </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">than the terms </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">received pursuant to the Services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Agreements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">with ERJ. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The terms </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Agreements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">were negotiated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">while </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve was a wholly owned subsidiary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of ERJ. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Accordingly, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve did not have an independent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">board </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of directors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or a management </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">team </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">was independent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of ERJ </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">during </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">period </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in which the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Agreements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">were prepared. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a result, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the terms </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Agreements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not reflect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">terms </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">would have resulted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">arms-length </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">negotiations between </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">unaffiliated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">third </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">parties </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and any such arms-length </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">negotiations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with an unaffiliated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">third </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">party </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may have resulted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in more </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">favorable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">terms </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to Eve. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We have a short history </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">as a separate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">company. </font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">past, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve&#8217;s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">were a part </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of ERJ </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and ERJ </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provided </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve with certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operational </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and managerial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">resources </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">conducting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">business. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">While </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ERJ </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">continues </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to provide </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a number </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">resources </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to us under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Agreements, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we must </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">also perform </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our own financial, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operational </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and managerial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">functions. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">There </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">no assurances </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we will be able </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to successfully </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">implement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operational </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and managerial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">resources </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">necessary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to perform </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">these functions. </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">The UAM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Business</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#8217;</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">historical </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and Combined Financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Statements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">not be representative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of Eve&#8217;s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">as a separate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">company.&nbsp;</font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The UAM </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Business</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">historical </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">information </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">included </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in this </font>Annual Report on Form 10-K <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">has been derived </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on a carve-out </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">basis </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">consolidated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">statements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and accounting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">records </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of ERJ </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and does not necessarily </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reflect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">what Eve</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">position, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or cash </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">flows </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">would have been had it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">been a separate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">company </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">during </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">periods </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">presented. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The historical </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and expenses </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reflected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Combined Financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Statements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">include </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">an allocation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">corporate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">functions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">historically </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provided </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by ERJ, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">most of which will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">continue </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to be provided </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pursuant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Agreements. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">These allocations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">were based </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">what management </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">considered </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to be reasonable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reflections </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">historical </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">utilization </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">levels </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">services required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in support </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of Eve&#8217;s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">business. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The historical </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">information </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">does not necessarily </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reflect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">what the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cost </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">functions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be to Eve or the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Company, as applicable, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pursuant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Agreements or otherwise. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For additional </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">information </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in relation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to materially </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">significant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">related </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">party </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">transactions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">during </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the years </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ended December </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">31, 2022, and 2021, see </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Note 4 to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Combined </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Statements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as of and for the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fiscal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">years </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ended December </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">31, 2022, and 2021 included </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">elsewhere </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in this </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: 0.05pt; line-height: inherit;">Annual Report on Form 10-K </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Any further related </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">party </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">transactions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">during </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fiscal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">years </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ended December </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">31, 2022, and 2021 were both immaterial and no more </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">incidental </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in nature. </font></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 9.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our Warrant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Agreement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">designates </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the courts </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of the State </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of New </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">York or the United States </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">District </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Court for the Southern District </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of New </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">York as the sole </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and exclusive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">forum </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">types </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of actions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and proceedings that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">be initiated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">by holders </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of our public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">or private </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">placement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">warrants, which could limit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">or private </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">placement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">warrant holders </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to obtain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a favorable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">judicial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">forum </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">disputes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">with our company. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our Warrant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Agreement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dated as of November 16, 2020, by and between Zanite and Continental Stock Transfer &amp; Trust Company, as warrant agent (the &#8220;Warrant Agreement&#8221;), provides </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">subject </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to applicable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">law, (</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any action, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">proceeding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or claim </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">against us arising </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">out of or relating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in any way to our Warrant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Agreement, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Act, will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be brought </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and enforced </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">courts </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">State </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of New </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">York or the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">United </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">States </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">District </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Court for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Southern District </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of New </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">York, and (ii) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we irrevocably </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">submit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to such jurisdiction, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which jurisdiction </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">shall </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be the exclusive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">forum </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any such action, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">proceeding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or claim. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">waive any objection </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to such exclusive jurisdiction </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such courts </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">represent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">an inconvenient </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">forum. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Notwithstanding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">foregoing, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provisions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our Warrant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Agreement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not apply </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to suits </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">brought </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to enforce </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any liability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or duty created </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Exchange Act or any other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">claim </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">federal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">district </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">courts of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">United </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">States </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of America </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sole </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and exclusive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">forum. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Any person </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or entity </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">purchasing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or otherwise acquiring </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any interest </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in any of our public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or private </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">placement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">shall </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be deemed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to have notice </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of, and </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to have consented </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">forum </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provisions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in our Warrant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Agreement. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any action, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">subject </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">matter </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of which is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">within </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">scope </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">forum </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provisions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our Warrant Agreement, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">filed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in a court </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a court </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">State </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of New </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">York or the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">United </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">States </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">District </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Court for the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Southern </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">District </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of New </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">York (a </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">foreign </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">action</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">name </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of any holder </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or private placement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such holder </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or private </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">placement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">shall </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be deemed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to have consented </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to (x) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">personal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">jurisdiction </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">state </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and federal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">courts </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">located </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">State </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of New </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">York in connection </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with any action </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">brought </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in any such court </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to enforce </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">forum </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provisions </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(an </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">enforcement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">action</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and (y) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">having service </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of process </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">made </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">upon such holder </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or private </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">placement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in any such enforcement action </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by service </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">upon such holder&#8217;s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">counsel </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">foreign </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">action </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as agent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such holder </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">private </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">placement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">This choice-of-forum </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provision </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">limit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of a holder </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or private </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">placement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants to bring </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a claim </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in a judicial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">forum </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">finds </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">favorable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">disputes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with us, which may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">discourage </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such lawsuits. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Alternatively, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a court </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">were to find </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">this </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provision </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our Warrant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Agreement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">inapplicable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or unenforceable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with respect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to one or more </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">specified </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">types </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of actions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or proceedings, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">incur additional </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">associated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with resolving </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such matters </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">jurisdictions, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">materially </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">adversely </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">affect </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">our business, </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">financial </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">condition </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">and results </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">of operations </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">and result </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">in a diversion </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">time and resources </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">of our management </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">and board </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">of directors. </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">You may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">only be able </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">your public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">warrants on a </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">cashless </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">basis</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#8221;</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">under certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">circumstances, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">you do so, you will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">receive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">fewer </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">shares </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">such exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">than if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">you were to exercise such warrants for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">cash. </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Warrant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Agreement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provides </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">following </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">circumstances </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">holders </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">who seek </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">their </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not be permitted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to do so for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cash </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and will, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">instead, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to do so on a cashless basis </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in accordance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with Section </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3(a)(9) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Act: </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">shares </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">issuable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">upon exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not registered </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Act in accordance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">terms </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the W</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">arrant Agreement; </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(ii) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we have so elected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">shares </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">time </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of any exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of a warrant not listed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on a national </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exchange </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">they </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">satisfy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">definition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">covered </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under Section </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">18(b)(1) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Act; </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and (iii) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we have so elected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and we call </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for redemption. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">you exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">your public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on a cashless </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">basis, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">you would pay the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by surrendering </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">number </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of shares </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">equal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">quotient </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">obtained </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by dividing (x) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">product </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">number </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of shares </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">underlying </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrants, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">multiplied </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">excess </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fair </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">value</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our shares </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(as </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">defined </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">next </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sentence) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">over </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by (y) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fair </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">value. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fair </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">value</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">average </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reported </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">closing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">shares </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">10 trading </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">days ending </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">third </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">trading </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">day prior </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">date </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on which the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">notice </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">received </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">warrant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">agent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or on which the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">notice </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of redemption </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">holders </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of warrants, as applicable. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a result, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">you would receive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fewer </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">shares </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">you were to exercise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such warrants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cash. </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">The only principal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">asset </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of the Company is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">interest </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">in Eve and accordingly, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">depends on distributions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Eve to pay taxes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and expenses. </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a holding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">company </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with no material </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">assets </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our interests </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in Eve. We are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not expected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to have independent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">means </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of generating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">revenue </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or cash </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">flow, and our ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to pay taxes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and operating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expenses, as well </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as dividends </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any, will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be dependent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">upon the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and cash </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">flows </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of Eve. There </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">can be no assurance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">generate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sufficient </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cash </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">flow to distribute </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">funds </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to us, or that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">applicable law and contractual </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">restrictions, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">negative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">covenants </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any debt </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">instruments, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">applicable, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will permit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such distributions. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve does not distribute </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sufficient </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">funds </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to us to pay our taxes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">liabilities, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">default </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on contractual </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">obligations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have to </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">borrow additional </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">funds. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">event </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to borrow funds, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our liquidity </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and subject </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to additional </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">restrictions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">imposed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by lenders.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt;"><font class='pageno'>53</font></font></td>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Pursuant to the Tax Receivable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Agreement (the <font style="font-size: 10.0pt;" lang="EN-US">&#8220;TRA&#8221;)</font>, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the Company will in certain circumstances be </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to pay to EAH 75% of the net income </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">tax savings </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the Company realizes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">as a result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of increases </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">in tax basis </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">in the assets </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of the Company or certain of its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">subsidiaries </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">resulting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the Pre-Closing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Restructuring </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and tax benefits </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">related </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to entering </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">into </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the TRA</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">tax benefits </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">attributable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to payments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">under the TRA, </font><font style="font-weight: bold; line-height: inherit;"><font style="font-style: italic; line-height: inherit;">for periods when the Company is not a member of EAH&#8217;s U.S. federal consolidated group, and those payments may be substantial.</font></font><br></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<div style="line-height: 1.2; margin: 0px; text-indent: 0px;">
<p style="text-align: justify; text-indent: 22.5pt; line-height: 12pt; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10.0pt;" lang="EN-US">The Pre-Closing Restructuring resulted in increases in the Company&#8217;s tax basis of its tangible and intangible assets. These increases in tax basis may increase (for income tax purposes) depreciation and amortization deductions and therefore reduce the amount of income or franchise tax that the Company would otherwise be required to pay in the future had such tax basis increase never occurred. </font></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 12pt; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10.0pt;" lang="EN-US">&nbsp;</font></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 12pt; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10.0pt;" lang="EN-US">In connection with the business combination, the Company and EAH entered into the TRA, which generally provides for the payment by the Company of 75% of certain net tax benefits, if any, that the Company realizes (or in certain cases is deemed to realize) as a result of these increases in tax basis and tax benefits related to entering into the TRA, including tax benefits attributable to payments under the TRA. The timing of any payments under the TRA will vary depending upon a number of factors, including the amount and timing of the recognition of the Company&#8217;s income. Moreover, the timing of any payments under the TRA is uncertain because the Company is a member of a consolidated, combined, affiliated or other group filing a joint return for U.S. federal or state income tax purposes of which EAH or an affiliate of EAH is the common parent (the &#8220;EAH Consolidated Group&#8221;). As a result, the income, operations, and any depreciation and amortization deductions of the Company will generally be reflected on the joint return of EAH as parent of the EAH Consolidated Group, rather than on a separate tax return of the Company. During the period during which the Company is a member of the EAH Consolidated Group, the sharing of tax benefits between EAH and the Company will be governed by the Tax Sharing Agreement (the &#8220;TSA&#8221;) entered into by the Company and EAH at the closing of the business combination, rather than the TRA. In general, pursuant to the TSA, for periods in which the Company has taxable income that contributes to and increases the overall tax liability of the EAH Consolidated Group, the TSA requires the Company to make payments to EAH equal to the tax liability the Company would be required to pay if it had not been a member of the EAH Consolidated Group but had filed a separate return. For periods in which the Company&#8217;s inclusion in the EAH Consolidated Group decreases the tax liability of the EAH Consolidated Group, tax benefits generated by the Company that are realized by EAH will be recorded in an off-book register and will apply to offset future payments, if any, due from the Company to EAH under the TSA. When the Company is no longer a member of the EAH Consolidated Group, any tax benefits generated by the Company that have not been applied to offset payments under the TSA at the time the Company ceases to be a member of the EAH Consolidated Group will offset any amounts payable by the Company to EAH under the TRA. For purposes of determining the amount of payments required to be made by the Company pursuant to the foregoing, and for determining the extent to which tax benefits generated by the Company that are realized by the EAH Consolidated Group may offset future payments under the TSA or the TRA, the TSA will generally disregard 75% of the tax benefit arising from the tax basis in the assets of the company created in the Pre-Closing Restructuring, consistent with the agreed sharing percentages for such tax savings under the TRA. Payments the Company will make under the TRA may be substantial and could have a material adverse effect on the Company&#8217;s financial condition.</font></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 12pt; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10.0pt;" lang="EN-US">&nbsp;</font></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 12pt; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10.0pt;" lang="EN-US">Any payments made by the Company under the TRA will generally reduce the amount of overall cash flow that might have otherwise been available to the Company. To the extent that the Company is unable to make timely payments under the TRA for any reason, the unpaid amounts will be deferred and will accrue interest until paid; however, nonpayment for a specified period and/or under certain circumstances may constitute a material breach of a material obligation under the TRA and therefore accelerate payments due under the TRA, as further described below. Furthermore, the Company&#8217;s future obligation to make payments under the TRA could make it a less attractive target for an acquisition, particularly in the case of an acquirer that cannot use some or all of the tax benefits that may be deemed realized under the TRA. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">In certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">cases, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">payments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">under the TRA</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">exceed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the actual </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">tax benefits </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Company realizes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">or be accelerated. </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Payments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">TRA</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be based </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">tax </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reporting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">positions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the Company determines, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">IRS or another </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">taxing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">authority </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">challenge </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">all </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or any part </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">tax </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">basis increases, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as well </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">tax </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">positions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Company takes, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and a court </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sustain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such a challenge. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In the event </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any tax </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">benefits </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">initially </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">claimed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Company are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">disallowed, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EAH </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not be required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to reimburse </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Company for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any excess </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">payments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">previously </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have been made </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">TRA, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">example, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">due to adjustments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">resulting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">examinations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by taxing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">authorities. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Rather, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">excess payments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">made </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to EAH </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be applied </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">against </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and reduce </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cash </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">payments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">otherwise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to be made </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Company, if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any, after </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">determination </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of such excess. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">However, a challenge </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to any tax </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">benefits initially </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">claimed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Company may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not arise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a number </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of years </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">following </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">initial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">time </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of such payment and, even if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">challenged </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">earlier, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such excess </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cash </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">payment </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be greater </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">amount </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cash payments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Company might </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">otherwise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to make </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">terms </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">TRA </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and, as a result, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">there </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">might </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not be future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cash </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">payments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">against </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which such excess </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">can be applied. </font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt;"><font class='pageno'>54</font></font></td>
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<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a result, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">circumstances </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Company could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">make </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">payments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">TRA </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in excess </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">actual </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">income </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or franchise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">tax </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">savings, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">materially </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">impair </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font> business, financial condition, and results of operations.&nbsp;<br></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Moreover, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">TRA</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provides </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">event </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Company exercises </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">early termination </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rights </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">TRA</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or (ii) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Company in certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">circumstances, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">materially breaches </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any of its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">material </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">obligations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">TRA</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">whether </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as a result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of failure </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to make </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any payment </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">when due (except </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">all </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or a portion </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of such payment </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">being </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">validly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">disputed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in good faith </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">this </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Agreement, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and then </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">only with respect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">amount </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in dispute) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or failure </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to honor any other material </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">obligation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">hereunder </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">extent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not cured </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">within </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">30 calendar </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">days following </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">receipt </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the Company of written </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">notice </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of such failure </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EAH </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or by operation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of law as a result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rejection </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of this Agreement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in a case </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">commenced </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U.S. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Bankruptcy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Code or otherwise, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">unless </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with respect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to clauses </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(ii) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">liquidity </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exceptions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">apply, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Company&#8217;s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">payment </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">obligations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">accelerate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Company will be required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to make </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a lump-sum </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cash </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">payment </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to EAH </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">equal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">present </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">value </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of all </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">forecasted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">payments </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">would have otherwise </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">been made </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">under </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">TRA</font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">based </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">on certain assumptions </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">(including </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">those </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">relating </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">to the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">Company&#8217;s</font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">future </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">taxable </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">income). </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">Additionally, </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">case </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">of actions </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">or transactions </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">constituting </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">a change </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">of control </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">or a divestiture </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">of certain </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">assets, </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">payments </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">due under the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">TRA</font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">would be determined </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">using </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">certain </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">valuation </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">assumptions, </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">the Company will </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">generate </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">sufficient </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">taxable </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">income </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">to fully </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">utilize </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">applicable </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">tax </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">assets </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">and attributes </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">covered under </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">TRA</font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">and as a result </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">Company may </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">be required </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">to make </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">payments </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">under </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">the TRA</font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">prior </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">to the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">time </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">when the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">Company actually </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">realizes </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">cash </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">tax </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">savings. </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">Such </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">lump-sum </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">payment </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">and other </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">advance </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">payments </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">could </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">be substantial </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">and could </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">exceed </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">actual </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">tax </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">benefits </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">that the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">Company realizes </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">subsequent </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">to </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">such payment </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">because </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">such payment </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">would be calculated </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">assuming, </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">among other </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">things, </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">Company would have certain </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">assumed </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">tax </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">benefits </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">available </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">to it </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">and that </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">Company would be able </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">to use the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">assumed </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">and potential </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">tax </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">benefits </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">in future </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">years. </font></p>
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<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">There </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be a material </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">negative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">effect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Company&#8217;s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">liquidity </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">payments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">TRA </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exceed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">actual </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">income </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or franchise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">tax </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">savings </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Company and its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">direct </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or indirect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">subsidiaries </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">realize. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Furthermore, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Company&#8217;s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">obligations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to make </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">payments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">TRA </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">effect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of delaying, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">deferring </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or preventing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">mergers, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">asset </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sales, other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">forms </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">combinations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">changes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of control. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We are an emerging </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">growth company</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">within the meaning </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of the Securities Act, and if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">we take </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">advantage </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">exemptions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">disclosure </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">requirements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">available </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to emerging growth companies</font>, <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">this </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">could make </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">our securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">less </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">attractive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to investors and may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">make </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">more </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">difficult </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to compare </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">our performance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">with other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">companies. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">an </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">emerging </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growth company</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">within </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">meaning </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Act, as modified </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">JOBS Act, and we may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">take </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">advantage </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exemptions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">various </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reporting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">requirements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">applicable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not emerging </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growth companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">but not limited </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to, not being </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">required to comply </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">auditor </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">attestation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">requirements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of Section </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">404(b) of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sarbanes-Oxley </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Act, reduced </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">disclosure </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">obligations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regarding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">executive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">compensation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in our periodic </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reports</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and exemptions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">requirements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of holding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a nonbinding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">advisory </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">vote </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on executive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">compensation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and stockholder </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">approval </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of any golden </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">parachute </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">payments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not previously </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">approved. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a result, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our stockholders may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not have access </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">information </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">they </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">deem </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">important. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be an emerging </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growth company for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">up to five </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">years, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">although </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">circumstances </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cause </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us to lose </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">status </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">earlier, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">value </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">held </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by non-affiliates </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exceeds </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$700 million </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as of June 30th of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">prior </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">year, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in which case </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we would no longer </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be an emerging </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growth company </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">following </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">December </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">31st. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We cannot </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">predict whether </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">investors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">find </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">less </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">attractive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">because </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exemptions. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">some investors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">find </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">less </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">attractive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as a result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our reliance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exemptions, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">trading </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">prices </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be lower </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">they </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">otherwise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">would be, there </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be a less </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">active </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">trading </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">trading </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">prices </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be more </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">volatile. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Further, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Section </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">102(b)(1) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">JOBS </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Act exempts </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">emerging </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growth companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">being </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to comply </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with new or revised </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">accounting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">standards </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">until </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">private </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">companies </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">those </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have not had a Securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Act registration </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">statement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">declared </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">effective </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or do not have a class </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">registered </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Exchange Act) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to comply </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">new or revised </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">accounting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">standards. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The JOBS </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Act provides </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a company </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">can elect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to opt out of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">extended </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">transition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">period </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and comply </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">requirements that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">apply </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to non-emerging </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growth companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">but any such an election </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to opt out is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">irrevocable. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We have elected not to opt out of such extended </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">transition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">period </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which means </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">when a standard </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">issued </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or revised </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">has different </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">application </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dates </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or private </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">companies, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we, as an emerging </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growth company, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">can adopt </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the new or revised </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">standard </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">time </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">private </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adopt </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">new or revised </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">standard. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">This may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">make comparison </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">statements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">companies</font> <font style="font-size: 10pt; line-height: inherit;" lang="EN-US">difficult or impossible because of the potential differences in accounting standards used. </font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>55</font></font></td>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Additionally, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">until </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">June 30, 2022, we qualified </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as a </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">smaller </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reporting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">company</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as defined </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Item </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">10(f)(1) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of Regulation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">S-K a</font>nd took <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">advantage </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reduced </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">disclosure </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">obligations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">until </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the following </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">December </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">31st. </font>Taking <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">advantage </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of such reduced </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">disclosure </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">obligations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">make </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">compariso</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: 0.1pt; line-height: inherit;">n</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s of our financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">statements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">difficult or impossible. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Risks Related </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">to Ownership of Common Stock and Warrants </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our management </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">has limited </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">experience </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">in operating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">company. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our executive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">officers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have limited </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">experience </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">management </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of a publicly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">traded </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">company. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our management </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">team </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not successfully </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or effectively </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">manage </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our transition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to a public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">company </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be subject </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to significant </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regulatory </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">oversight </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and reporting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">obligations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">federal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">laws. Their </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">limited experience </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in dealing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increasingly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">complex </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">laws pertaining </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be a significant disadvantage </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">likely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">an increasing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">amount </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of their </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">time </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be devoted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">activities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in less </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">time </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">being </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">devoted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">management </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and growth of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Company. We may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not have adequate personnel </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">appropriate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">level </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of knowledge, experience, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and training </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">accounting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">policies, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">practices or internal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">controls </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">over </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reporting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">United </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">States. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The development and implementation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">standards </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and controls </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">necessary </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Company to achieve </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">level </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of accounting standards </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of a public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">company </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">United </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">States </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">require </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">greater </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expected. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">It </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">possible </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to expand our employee </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">base </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and hire </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">additional </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">employees </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to support </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as a public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">company </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our operating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">periods. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Failure </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to timely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and effectively </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">build </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">our accounting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">systems </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to effectively </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">implement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">controls </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and procedures </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">by Section </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">404(a) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of the Sarbanes-Oxley </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Act could have a material </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">adverse </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">effect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">on our business. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The standards </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a public </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">company </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Section </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">404(a) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sarbanes-Oxley </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Act are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">significantly </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">more stringent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">than </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">those </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">required </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of a private </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">company. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Management </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not be able </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to effectively </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and timely implement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">controls </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and procedures </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adequately </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">respond </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increased </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regulatory </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">compliance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and reporting requirements. <font style="font-size: 10pt; font-family: 'Times New Roman', serif; line-height: inherit;" lang="EN-US"><font style="letter-spacing: 0.15pt; line-height: inherit;">Pursuant to SEC staff guidance, our Annual Report on Form 10-K does not include a report of management&#8217;s assessment regarding internal control over financial reporting.</font></font> </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not able </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to implement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">additional </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">requirements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of Section </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">404(a) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in a timely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">manner </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or with adequate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">compliance, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not be able </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to adequately assess </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">whether </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our internal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">control </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">over </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reporting is</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">effective, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">subject </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us to adverse </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regulatory </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">consequences </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and could <font style="font-size: 10pt; font-family: 'Times New Roman', serif; line-height: inherit;" lang="EN-US">negatively impact&nbsp; </font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">investor</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">confidence </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our securities. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">To manage </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growth of our operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and increasing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">complexity, <font style="font-size: 10pt; font-family: 'Times New Roman', serif; letter-spacing: 0.1pt; line-height: inherit;" lang="EN-US">and to address the previously disclosed material weaknesses in our internal control over financial reporting,</font></font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">need to improve </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our operational </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">systems, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">procedures, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and controls </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and continue </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to increase </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">systems </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">automation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to reduce </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reliance </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on manual </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operations. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Any inability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to do so will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our reporting. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our current </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and planned systems, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">procedures </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and controls </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not be adequate </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to support </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our complex </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">arrangements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rules governing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">revenue </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and expense </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">recognition </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and expected </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growth. Delays </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or problems associated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with any improvement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or expansion </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our operational </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">systems </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and controls </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could adversely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our relationships </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with our partners, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cause </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">harm </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to our reputation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and brand </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">also </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">result in errors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in our financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reporting. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our Certificate of Incorporation designates </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">a state </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">or federal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">court </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">located </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">within the State </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of Delaware and the federal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">district courts </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of the United States </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">as the exclusive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">forum </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">substantially </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">all </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">disputes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">between us and our stockholders, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">which could limit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">our stockholders </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#8217;</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to choose the judicial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">forum </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">disputes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">with us or our directors, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">officers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">or employees. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our Certificate of Incorporation (&#8220;Charter&#8221;) </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provides </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">unless </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we consent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in writing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">selection </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of an alternative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">forum, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fullest extent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">permitted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by law, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sole </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and exclusive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">forum </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any derivative </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">action, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">suit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or proceeding </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">brought </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">behalf </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">Company, (ii) </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">any action, </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">suit </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">or proceeding </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">asserting </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">a claim </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">of breach </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">of a fiduciary </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">duty owed by any current </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">or former </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">director, </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">officer, </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">other </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">employee, </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">agent </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">or stockholder </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">Company to the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">Company or to the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">Company&#8217;s</font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">stockholders, </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">(iii) </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">any action, </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">suit </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">or proceeding </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">asserting </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">a claim </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">against </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">Company or any current </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">or former </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">director, </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">officer, </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">other </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">employee, </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">agent </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">or stockholder </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">arising </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">pursuant </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">to any provision </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">of the DGCL </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">or our Bylaws or our Charter </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">(as </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">either </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">be amended </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">from </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">time </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">to time), </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">(iv) </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">any action, </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">suit </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">or proceeding </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">as to which the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">DGCL </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">confers </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">jurisdiction </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">on the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">Chancery </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">Court of the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">State </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">of Delaware, </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">or (v) </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">any action, </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">suit </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">or proceeding </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">asserting </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">a claim </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">against </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">Company or any current </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">or former </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">director, </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">officer, </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">other employee, </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">agent </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">or stockholder </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">governed </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">by the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">internal </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">affairs </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">doctrine. </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">Our Charter </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">further </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">provides </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">that, </font> <font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">to the fullest </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">extent </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">permitted </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">by law, the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">federal </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">district </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">courts </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">United </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">States </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">of America </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">shall </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">be the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">sole </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">and exclusive </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">forum </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">resolution </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">of any complaint </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">asserting </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">a cause </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">of action </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">arising </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">under </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">Securities </font><font style="font-size: 10pt; text-indent: 0px; font-family: 'Times New Roman'; line-height: inherit;">Act of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: 22.5pt; line-height: inherit;">1933, as amended. </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Any person </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or entity </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">purchasing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or otherwise </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">acquiring </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any interest </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in any of our securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">shall </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be deemed to have notice </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of and consented </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provisions. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">This exclusive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">forum </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provision </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">limit </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a stockholder&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> ability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to bring </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a claim </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in a judicial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">forum </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">choosing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">disputes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with us or our directors, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">officers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or other employees, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">discourage </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">lawsuits </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">against </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us and our directors, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">officers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">employees. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">This exclusive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">forum </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provision </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not apply </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to any causes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of action </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">arising </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Exchange Act or any other claim </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">federal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">courts </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">United </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">States </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have exclusive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">jurisdiction. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Further, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">enforceability </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of similar </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">choice </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of forum </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provisions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">charter </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">documents </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">has been challenged </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in legal proceedings, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and it </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">possible </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a court </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">find </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">these </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">types </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of provisions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to be inapplicable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or unenforceable. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For example, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Court of Chancery </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">State </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of Delaware </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">recently </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">determined </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a provision stating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U.S. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">federal </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">district </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">courts </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exclusive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">forum </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">resolving </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any complaint </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">asserting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a cause </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of action </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">arising </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Act is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not enforceable. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">However, this </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">decision </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be reviewed </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and ultimately overturned </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Delaware </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Supreme </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Court. If </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a court </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">were to find </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">either </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exclusive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">forum </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provision </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in our </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Charter </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to be inapplicable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or unenforceable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in an action, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">incur </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">additional </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">associated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with resolving the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dispute </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">jurisdictions, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">harm </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our results </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of operations. </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Claims </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">indemnification </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">by our directors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and officers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">reduce </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">our available </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">funds to satisfy </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">successful third-party </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">claims </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">against </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">us and may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">reduce </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the amount of money </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">available </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to us. </font></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 5.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our Charter </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and Bylaws provide </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">indemnify </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our directors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and officers, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in each </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">case </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fullest extent </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">permitted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by Delaware </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">law. In addition, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as permitted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by Section </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">145 of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">DGCL, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our Bylaws and our indemnification </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">agreements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">entered </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">into </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with our directors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and officers </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provide </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that: </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
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<p style="margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font></p>
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<td style="width: 93%; height: 51px; vertical-align: top; padding: 1px 1px 5px; margin: 0px; text-indent: 0px; text-align: justify;" valign="top"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">We will </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">indemnify </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our directors </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and officers </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">serving </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in those </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">capacities </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or for </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">serving </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">other business </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">enterprises </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">our request,</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to the&nbsp;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">fullest </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">extent </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">permitted </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">by Delaware </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">law. Delaware </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">law provides </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">a corporation </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">may </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">indemnify </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">such person </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">if </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">such person </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">acted </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in good faith </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and in a manner </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">such person </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">reasonably </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">believed </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to be in or not opposed to the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">best </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">interests </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">registrant and, with respect </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to any criminal </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">proceeding, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">had no reasonable </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">cause </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to believe </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">such person&#8217;s</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">conduct was </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">unlawful; </font></td>
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<td style="height: 17px; text-align: center; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 13.8667px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We may, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in our discretion, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">indemnify </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">employees </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and agents </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in those </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">circumstances </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">where indemnification </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">permitted </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by applicable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">law; </font></p>
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<td style="height: 34px; text-align: center; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="height: 34px; vertical-align: top; padding: 1px 1px 5px; margin: 0px; text-indent: 0px; text-align: justify;" valign="top"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">We are </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">required </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to advance </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">expenses, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">as incurred, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to our directors </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and officers </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in connection </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">with defending </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">a proceeding, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">except </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">such directors </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or officers </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">shall </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">undertake </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to repay </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">such advances </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">if it </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">ultimately </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">determined </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">that </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">such person </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">is </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">not entitled </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">indemnification; </font></td>
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<td style="height: 34px; text-align: center; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="height: 34px; vertical-align: top; padding: 1px 1px 5px; margin: 0px; text-indent: 0px; text-align: justify;" valign="top"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">We are </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">not obligated </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">pursuant </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to our Bylaws to indemnify </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">a person </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">with respect </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to proceedings initiated </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">by that </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">person </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">against </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">us or our other </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">indemnitees, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">except </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">with respect </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to proceedings authorized </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">by our board </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">of directors </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">or brought </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to enforce </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">a right </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">indemnification; </font></td>
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<td style="height: 34px; text-align: center; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="height: 34px; vertical-align: top; padding: 1px 1px 5px; margin: 0px; text-indent: 0px; text-align: justify;" valign="top"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">rights </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">conferred </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">in our Bylaws are </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">not exclusive, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and we are </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">authorized </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">to enter </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">into indemnification </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">agreements </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">with our directors,</font> <font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">officers, </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">employees </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and agents </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and to obtain </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">insurance to indemnify </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">such persons; </font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and </font></td>
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<td style="height: 10px; text-align: center; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&#8226;</font><br></td>
<td style="height: 10px; vertical-align: top; padding: 1px 1px 5px; margin: 0px; text-indent: 0px; text-align: justify;" valign="top"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -20px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">We may not retroactively amend our Charter or Bylaws to reduce our indemnification obligations to directors, officers, employees and agents existing at the time of such amendment with respect to any acts or omissions occurring prior to such amendment. </font></td>
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<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: -15pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><br></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We do not intend </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to pay dividends </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the foreseeable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">future. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We have never </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">declared </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or paid </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any cash </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dividends </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on our capital </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and do not intend </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to pay any cash dividends </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">foreseeable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We expect </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to retain </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">earnings, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any, to fund the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">development </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and growth of our business. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Any future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">determination </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to pay dividends </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on our capital </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">discretion </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our Board. Accordingly, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">investors </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">must </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rely </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on sales </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">after </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">appreciation, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which may never </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">occur, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">only way to realize </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">gains </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on their </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">investments. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">be subject </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">litigation, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">which is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">expensive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and could divert </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">management </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">attention. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be volatile </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and, in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">past, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have experienced volatility </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of their </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have been subject </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">class </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">action </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">litigation. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be the target </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of this </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">type </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of litigation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future. </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">litigation </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">against </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">result </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in substantial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">costs </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and divert </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">management&#8217;s</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">attention </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">concerns, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which could </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">seriously </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">harm </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">its </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">business. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Future sales </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">or resales </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">or the perception </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of future </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">sales </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">or resales </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of common </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">stock </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">by us or our existing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">securityholders </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">cause the market </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">price </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of our securities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to drop significantly, </font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">even if </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">our business </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">doing well. </font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 5.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The sale or resale of substantial amounts of shares of common stock or warrants in the public market, or the perception that such sales or resales could occur, could harm the prevailing market price of shares of common stock and warrants. These sales or resales, or the possibility that these sales or resales may occur, also might make it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate. We believe the likelihood that warrant holders will exercise their warrants, and therefore the amount of cash proceeds that we would receive is, among other things, dependent upon the market price of common stock. If the market price for shares of common stock is less than the exercise price of a holder&#8217;s warrant, such holder may be less likely to exercise their warrants as they would be selling at a loss if they exercised their warrants and then sold their common stock. The issuance and exercise of the new warrants are also subject to the UAM Business milestones and lock-up periods described in our prospectus, dated January 18, 2023, filed on January 20, 2023, pursuant to Rule 424(b) under the Securities Act, relating to the Registration Statement on Form S-1, as amended (File No. 333-265337).&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;"><br></font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> On December 21, 2021, December 24, 2021, March 9, 2022, March 16, 2022 and April 4, 2022, in connection with the business combination, Zanite entered into subscription agreements or amendments thereto (as amended from time to time, the &#8220;Subscription Agreements&#8221;) with certain investors, including certain strategic investors and/or investors with existing relationships with ERJ (the &#8220;Strategic Investors&#8221;), Zanite Sponsor LLC, a Delaware limited liability company (the &#8220;Sponsor&#8221;), and EAH (collectively, the &#8220;PIPE Investors&#8221;), pursuant to which, and on the terms and subject to the conditions of which, Zanite agreed to issue and sell to the PIPE Investors in private placements to close immediately prior to the Closing, an aggregate of 35,730,000 shares of Class A common stock at a purchase price of $10.00 per share, for an aggregate purchase price of $357,300,000, which included the commitment of the Sponsor to purchase 2,500,000 shares of Class A common stock for a purchase price of $25,000,000 and the commitment of EAH to purchase 18,500,000 shares of Class A common stock for a purchase price of $185,000,000 (the &#8220;PIPE Investment&#8221;). The PIPE Investment was consummated substantially concurrently with the closing of the business combination. The Sponsor and EAH are contractually restricted from selling or transferring any of their shares of common stock (not including the shares of our common stock issued to the Sponsor and EAH in the PIPE Investment pursuant to the terms of the Subscription Agreements or purchased in the public market) (the &#8220;Lock-up Shares&#8221;) for certain periods of time. Under the amended and restated registration rights agreement, dated as of May 9, 2022, by and among the Sponsor, Zanite, EAH and certain other parties thereto (the &#8220;Amended and Restated Registration Rights Agreement&#8221;), such lock-up restrictions applicable to the Lock-up Parties&#8217; (as defined in the Amended and Restated Registration Rights Agreement) Lock-up Shares (as defined in the Amended and Restated Registration Rights Agreement) begin at the closing of the business combination and end on the date that is three years after the closing of the business combination. Other PIPE Investors, however, are not restricted from selling any of their shares of common stock, other than by applicable securities laws. As such, sales of a substantial number of shares of our common stock in the public market could occur at any time. These sales, or the perception in the market that the holders of a large number of shares intend to sell shares, could reduce the market price of our stock. As restrictions on resale end and registration statements are available for use, the sale or possibility of sale of these shares could have the effect of increasing the volatility in our share price. Additionally, the market price of our stock could decline if the holders of currently restricted shares sell them or are perceived by the market as intending to sell them.<br></font></p>
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<div style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1.2;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bi1b_AGBP30E2EO00000000000000000000"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">Item 1.B. </font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Unresolved Staff Comments. </font></a></div>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">None. </font></p>
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<div style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1.2;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bi2p_METDX8LHK000000000000000000000"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: bold; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Item 2. </font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman';">&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Properties. </font></a></div>
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<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We operate primarily out of Eugenio de Melo, Brazil, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Gavi&#227;o </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Peixoto, Brazil and Melbourne, Florida, United States. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">All of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our facilities are located on land that is either owned or leased by ERJ. As part of the Pre-Closing Restructuring, we have entered into the Lease Agreements with ERJ with respect to each of these facilities. </font></p>
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<div style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1.2;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bi3_KFJQU0457400000000000000000000"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: bold; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Item 3. </font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman';">&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Legal Proceedings. </font></a></div>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">We are, from time to time, subject to various claims, lawsuits and other legal and administrative proceedings arising in the ordinary course of business. We are not currently a party to any such claims, lawsuits or proceedings, the outcome of which, if determined adversely to us, we believe would, individually or in the aggregate, be material to our business or result in a material adverse effect on our future operating results, financial </font><font style="line-height: inherit;">condition</font><font style="line-height: inherit;"> or cash flows.</font> </font></p>
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<div style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1.2;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bi4_BD2666B4N400000000000000000000"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: bold; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Item 4. </font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman';">&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Mine Safety Disclosures. </font></a></div>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">None. </font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>59</font></font></td>
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<div style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; text-indent: 0px; line-height: 1.2;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bp2_0Q386R0ZK000000000000000000000"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">PART II. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">&nbsp;</font></a></div>
<div style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"><br></font></div>
<div style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1.2;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bi5_R5895XZW2O00000000000000000000"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: bold; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Item 5. </font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman';">&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Market for Registrant&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">.</font></a></div>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Market Information </font></p>
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<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our common stock trades on the New York Stock Exchange under the symbol </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EVEX</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Zanite&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> units, shares of common stock and rights were traded on the Nasdaq Stock Market under the symbols </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ZNTU</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ZNTE</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ZNTEW</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> respectively, prior to the consummation of the Business Combination. </font></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Holders </font></p>
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<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">March 3</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"> there was </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;">approximatel<font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">y sixty-three</font></font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">hol</font>ders </font>of record of our </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">common shares</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</font></font></p>
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<p style="margin: 0pt; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Dividends </font></p>
<p style="margin: 0pt; line-height: 1.2; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We have never declared or paid any cash dividends on our capital </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stock, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and we do not anticipate paying any cash dividends in the foreseeable future. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition. The payment of any cash dividends will be within the discretion of our board of directors. Our ability to declare dividends may be limited by the terms of financing or other agreements </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">entered into </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by us or our subsidiaries from time to time. </font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Performance Graph </font></p>
<p style="margin: 0pt; line-height: 1.2; text-indent: 22.5pt;"><br></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 1.2; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; line-height: inherit;" lang="EN-US">The following graph shows the total stockholder return of an investment of $100 cash on May 10, 2022, (the date our common stock began trading on the NYSE after the Business Combination) through December 31, 2022, for (1) our common stock, (2) the average performance of the common stock of our peers listed in the NYSE (detailed bellow), (3) Russell 2000 Index and (4) NYSE Arca Airline Index. All values assume reinvestment of the full amount of all dividends.&nbsp; </font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><img style="display: block; margin-left: auto; margin-right: auto;" src="img07f1bb9bc85e40dc8494.jpg" alt="Graphics"></font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><br></p>
<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font style="font-size: 10pt; font-family: 'Times New Roman', serif; line-height: inherit;" lang="EN-US">As of December 31, 2022, the comparable companies used are comprised of the following companies: Archer Aviation Inc. (NYSE: ACHR), Joby Aviation, Inc. (NYSE: JOBY), Vertical Aerospace Ltd. (NYSE: EVTL), Lilium N.V. (Nasdaq: LILM) and EHang Holdings Ltd. (Nasdaq: EH). </font> </font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>60</font></font></td>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Recent Sales of Unregistered Securities; Use of Proceeds from Registered Offerings </font></p>
<p style="background-color: #ffffff; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Unregistered Sales </font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">None. </font></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Use of Proceeds </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">None. </font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<div style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1.2;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bi6_ZUCJ0ZVC0G00000000000000000000"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: bold; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Item 6. </font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman';">&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">[Reserved] </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">.</font></a></div>
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<div style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px; text-align: left;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bccddee_9WDCT1B9SG00000000000000000000"><font style="font-weight: bold; line-height: inherit;">Item <font><font>7</font></font>.&nbsp; Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations. </font></a></div>
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<p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><i><font style="color: #231f20; line-height: inherit;">The following discussion and analysis provide information that Eve's management believes is relevant to an assessment and understanding of Eve's consolidated results of operations and financial condition. The discussion should be read together with the audited consolidated financial<font style="color: #231f20; line-height: inherit;" lang="EN-US"> statements</font> </font></i><i><font> for the twelve months ended December 31, <font>2022</font> and <font>2021</font>, and the related notes that are included elsewhere in this Annual Report on Form 10-K. </font></i><i><font style="color: #231f20; line-height: inherit;"> This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. The Company&#8217;s actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under &#8220;Risk Factors&#8221; and </font></i><i><font style="color: #231f20; line-height: inherit;" lang="EN-US">&#8220;Cautionary Note Regarding Forward-Looking Statements&#8221; in this <font style="color: #231f20; line-height: inherit;" lang="EN-US">Annual </font> Report on Form 10-K and in our other filings with the SEC. </font></i></font></p>
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<p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><i><font lang="EN-US">Discussions of results for the twelve months ended December 31, 2020 and year-to-year comparisons between <font>2021</font> and <font>2020</font> that are not included in this Form 10-K can be found in Exhibit <font>99.6</font> to our Current Report on Form 8-K/A, filed with the SEC on December 8, 2022.<br></font></i></font></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="color: #231f20; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Overview </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font>Eve Holding, Inc. (together with its subsidiaries, as applicable, &#8220;Eve&#8221;, the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221; or &#8220;our&#8221;), a Delaware corporation, is an aerospace company with operations in Melbourne, Florida and Brazil. The Company is a former blank check company incorporated on November 19, 2020, under the name Zanite Acquisition Corp. (&#8220;Zanite&#8221;) as a Delaware corporation that was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with <font>one</font> or more businesses.&nbsp; </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Eve&#8217;s goal is to be a leading company in the urban air mobility ("UAM") market by taking a holistic approach to developing a UAM solution that includes: the design and production of electrical vertical take-off and landing vehicles (&#8220;eVTOLs&#8221;); a portfolio of maintenance and support services focused on Eve&#8217;s and third-party eVTOLs; fleet operations services conducted in collaboration with partners; and a new air traffic management system for eVTOLs, otherwise known as Urban Air Traffic Management (&#8220;UATM&#8221;) system designed to allow eVTOLs to operate safely and efficiently in dense urban airspace alongside conventional aircraft and drones. Eve&#8217;s mission is to bring affordable air transportation to all passengers, improve quality of life, unleash economic productivity, save passengers time and reduce global carbon emissions. Eve plans to leverage its strategic relationship with ERJ to de-risk and accelerate its development plans, while saving costs by utilizing ERJ<font>&#8217;</font>s extensive resources. </font></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="color: #231f20; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Eve&#8217;s Business Model </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #231f20; line-height: inherit;">Eve plans </font><font style="color: #231f20; line-height: inherit;">to fuel </font><font style="color: #231f20; line-height: inherit;">the </font><font style="color: #231f20; line-height: inherit;">development </font><font style="color: #231f20; line-height: inherit;">of the </font><font style="color: #231f20; line-height: inherit;">UAM </font><font style="color: #231f20; line-height: inherit;">ecosystem </font><font style="color: #231f20; line-height: inherit;">by providing </font><font style="color: #231f20; line-height: inherit;">a complete </font><font style="color: #231f20; line-height: inherit;">portfolio </font><font style="color: #231f20; line-height: inherit;">of UAM </font><font style="color: #231f20; line-height: inherit;">solutions </font><font style="color: #231f20; line-height: inherit;">across </font><font><font>four </font></font><font style="color: #231f20; line-height: inherit;">prima<font style="line-height: inherit;">ry </font></font><font style="line-height: inherit;"><font style="color: #231f20; line-height: inherit;">offerings: </font></font></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 20pt; text-indent: 0px; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #231f20; font-style: italic; font-weight: bold; line-height: inherit;">eVTOL </font><font style="color: #231f20; font-style: italic; font-weight: bold; line-height: inherit;">Production </font><font style="color: #231f20; font-style: italic; font-weight: bold; line-height: inherit;">and Design. </font><font style="color: #231f20; line-height: inherit;">Eve is </font><font style="color: #231f20; line-height: inherit;">designing </font><font style="color: #231f20; line-height: inherit;">and certifying </font><font style="color: #231f20; line-height: inherit;">an eVTOL </font> <font style="color: #231f20; line-height: inherit;">purpose-built </font><font style="color: #231f20; line-height: inherit;">for </font><font style="color: #231f20; line-height: inherit;">UAM </font><font style="color: #231f20; line-height: inherit;">missions. </font><font style="color: #231f20; line-height: inherit;">Eve plans </font><font style="color: #231f20; line-height: inherit;">to market </font><font style="color: #231f20; line-height: inherit;">its </font><font style="color: #231f20; line-height: inherit;">eVTOLs </font><font style="color: #231f20; line-height: inherit;">globally </font><font style="color: #231f20; line-height: inherit;">to operators </font><font style="color: #231f20; line-height: inherit;">of UAM </font><font style="color: #231f20; line-height: inherit;">services, </font><font style="color: #231f20; line-height: inherit;">including </font><font style="color: #231f20; line-height: inherit;">fixed wing and helicopter </font><font style="color: #231f20; line-height: inherit;">operators, </font><font style="color: #231f20; line-height: inherit;">as well </font><font style="color: #231f20; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;as&nbsp; </font><font style="color: #231f20; line-height: inherit;">lessors </font><font style="color: #231f20; line-height: inherit;">that </font><font style="color: #231f20; line-height: inherit;">purchase </font><font style="color: #231f20; line-height: inherit;">and manage </font><font style="color: #231f20; line-height: inherit;">aircraft </font><font style="color: #231f20; line-height: inherit;">on behalf </font><font style="color: #231f20; line-height: inherit;">of operators. </font></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 20pt; text-indent: 0px; text-align: justify; letter-spacing: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #231f20; font-style: italic; font-weight: bold; line-height: inherit;">Service </font><font style="color: #231f20; font-style: italic; font-weight: bold; line-height: inherit;">and Support. </font><font style="color: #231f20; line-height: inherit;">Eve plans </font><font style="color: #231f20; line-height: inherit;">to offer </font><font style="color: #231f20; line-height: inherit;">a full </font><font style="color: #231f20; line-height: inherit;">suite </font><font style="color: #231f20; line-height: inherit;">of eVTOL </font><font style="color: #231f20; line-height: inherit;">service </font><font style="color: #231f20; line-height: inherit;">and support </font><font style="color: #231f20; line-height: inherit;">capabilities, </font><font style="color: #231f20; line-height: inherit;">including material </font><font style="color: #231f20; line-height: inherit;">services, </font><font style="color: #231f20; line-height: inherit;">maintenance, </font><font style="color: #231f20; line-height: inherit;">technical </font><font style="color: #231f20; line-height: inherit;">support, </font><font style="color: #231f20; line-height: inherit;">training, </font><font style="color: #231f20; line-height: inherit;">ground handling </font><font style="color: #231f20; line-height: inherit;">and data </font><font style="color: #231f20; line-height: inherit;">services. </font><font style="color: #231f20; line-height: inherit;">Its </font><font style="color: #231f20; line-height: inherit;">services will </font><font style="color: #231f20; line-height: inherit;">be offered </font><font style="color: #231f20; line-height: inherit;">to UAM&nbsp; </font><font style="color: #231f20; line-height: inherit;">fleet&nbsp; </font><font style="color: #231f20; line-height: inherit;">operators&nbsp; </font><font style="color: #231f20; line-height: inherit;">on an agnostic </font><font style="color: #231f20; line-height: inherit;">basis </font><font style="color: #231f20; line-height: inherit;">&#8211; supporting </font><font style="color: #231f20; line-height: inherit;">both its </font><font style="color: #231f20; line-height: inherit;">own eVTOL </font><font style="color: #231f20; line-height: inherit;">and those produced </font><font style="color: #231f20; line-height: inherit;">by third parties.&nbsp; </font></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 20pt; text-indent: 0px; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Fleet </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Operations. </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve plans </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to build </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a fleet </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operations </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">business </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in collaboration </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with selected </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">partners. </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve plans </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to establish </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">revenue </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and risk </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sharing </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">partnerships </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">allow </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">it </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to scale </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">its </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fleet </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operations </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in a capital </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">efficient </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">manner </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and grow rapidly </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in a partner-by-partner </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">manner. </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 20pt; text-indent: 0px; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Urban Air Traffic </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Management. </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve is </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">developing </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a next-generation </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UATM </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">system </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to help enable </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">eVTOLs </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to operate </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">safely </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and efficiently </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in dense </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">urban </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">airspace </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">along </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with conventional </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fixed </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">wing and rotary </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">aircraft and unmanned </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">drones. </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve expects </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to offer </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">its </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">UATM </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">solution </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">primarily </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as a subscription </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">software </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">offering to customers </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">include </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">air </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">navigation </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">service </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">providers, </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fleet </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operators </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and vertiport </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operators. </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">To date, Eve has not generated any revenue, as it continues to develop its eVTOL vehicles and other UAM solutions. As a result, Eve will require substantial additional capital to develop products and fund operations for the foreseeable future. Until Eve can generate any revenue from product sales and services, it expects to finance operations through a combination of existing cash on hand, public offerings, private placements and debt financings. The amount and timing of future funding requirements will depend on many factors, including the pace and results of development efforts. </font></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="color: #231f20; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Financing Activities</font></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="font-style: italic; line-height: inherit;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Business Combination</font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with Zanite</font> </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On December </font> <font><font style="border-left: medium none; border-right: medium none;">21</font>, <font>2021</font>, </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font style="font-size: 10pt; font-family: 'Times New Roman', serif; line-height: inherit;" lang="EN-US">Zanite entered into a BCA with ERJ, EAH and Eve Sub formerly wholly owned by EAH, that was formed for purposes of conducting the UAM Business (as defined in the BCA). </font> </font></p>
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<p style="text-indent: 20pt; line-height: 12pt; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: justify;"><font>On May 9, 2022, in accordance with the BCA, the closing (the &#8220;Closing&#8221;) of the transactions contemplated by the BCA (the &#8220;Business Combination&#8221;) occurred, pursuant to which Zanite issued <font>220,000,000</font> shares of Class A common stock to EAH in exchange for the transfer by EAH to Zanite of all of the issued and outstanding limited liability company interests of Eve Sub (the "Equity Exchange"). As a result of the Business Combination, Eve Sub became a wholly-owned subsidiary of Zanite, which has changed its name to &#8220;Eve Holding, Inc.&#8221; Upon the Closing, the Company received approximately $<font>377.0</font> million in gross cash proceeds, consisting of approximately $<font>19.7</font> million from the Zanite trust account and $<font>357.3</font> million from the PIPE Investment, as defined in Note <font>1</font> to the Notes to the Audited Consolidated Financial Statements herein. </font></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><font style="font-style: italic; line-height: inherit;">United Investment</font><br></font></p>
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<p style="text-indent: 20pt; line-height: 12pt; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: justify;"><font>On September 1, 2022, the Company and United Airlines Ventures, Ltd. (&#8220;United&#8221;) entered into a Subscription Agreement, dated as of September 1, 2022, by and between the Company and United (the &#8220;United Subscription Agreement&#8221;), pursuant to which United agreed to subscribe for an aggregate of <font>2,039,353</font> shares of common stock for a purchase price of $<font>7.36</font> per share and an aggregate purchase price of $<font>15,000,000</font> (the &#8220;United Investment&#8221;). The United Investment was consummated on September 6, 2022. </font></p>
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<p style="text-indent: 20pt; line-height: 12pt; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: justify;"><font>Pursuant to the United Subscription Agreement, the Company was required to file with the SEC a registration statement registering the resale of such shares of common stock, which the SEC declared effective on January 20, 2023. The Company must use commercially reasonable efforts to keep the registration statement effective until the earliest of: (i) the date United no longer holds any registrable shares; (ii) the date all registrable shares held by United may be sold without restriction under Rule <font>144</font> under the Securities Act; (iii) the date such registrable shares have ceased to be outstanding and (iv) <font>three</font> years from the date of effectiveness of the registration statement.<br></font></p>
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<p style="text-indent: 20pt; line-height: 12pt; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: justify;"><font>On September 1, 2022, concurrently with the execution of the United Subscription Agreement, the Company and United also entered into the Warrant Agreement, dated as of September 1, 2022, by and between the Company and United (the &#8220;United Warrant Agreement&#8221;), pursuant to which, at or promptly following the closing of the United Investment, the Company issued to United new warrants to acquire up to <font>2,722,536</font> shares of common stock, each with an exercise price of $<font>0.01</font> per share, which were issuable upon (i) the issuance by the parties of a joint press release announcing the United Investment, (ii) the entry by the Company and an affiliate of United into a conditional purchase agreement for the sale and purchase of up to <font>400</font> eVTOLs and (iii) the agreement by the Company and United to establish a concept of operations for the use of the Company&#8217;s eVTOLs at <font>one</font> or more of United&#8217;s or its affiliates&#8217; hub airports. All such new warrants were exercised by United on October 14, 2022, for $<font>27,225.36</font>. In addition, pursuant to the terms of the United Warrant Agreement, the Company has agreed to issue United additional new warrants to acquire up to an additional <font>2,722,536</font> shares of common stock, each with an exercise price of $<font>0.01</font> per share, which are issuable upon the entry into (i) a binding agreement between United (or <font>one</font> of its affiliates) and the Company for the sale and purchase of up to <font>200</font> eVTOLs and (ii) certain eVTOL services and support agreements. None of these conditions were met as of December 31, 2022.<br></font></p>
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<p style="text-indent: 20pt; line-height: 1.2; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: justify;"><font>Each of the new warrants issuable pursuant to the United Warrant Agreement is exercisable for a period of <font>five</font> years following its issuance or first permitted exercise date. If, upon the fifth anniversary of the issuance date of any such warrant, any issued and outstanding warrant has not been exercised and the Fair Market Value (as defined in the United Warrant Agreement) of <font>one</font> share of common stock is greater than the exercise price of such warrant as of such date, such warrant will automatically be deemed to be exercised. The United Warrant Agreement provides for certain registration rights with respect to the resale of the shares of common stock underlying such new warrants which are substantially similar to the registration rights provided under the United Subscription Agreement.<br></font></p>
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<p style="text-indent: 20pt; line-height: 1.2; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: justify;"><font>Finally, on September 1, 2022, United entered into a lock-up agreement with the Company, pursuant to which United will be restricted from transferring the new warrants issued to it at or promptly following the closing of the United Investment, as well as the shares of common stock issuable upon the exercise of such new warrants. T</font><font lang="EN-US">he lock-up period varies from <font>6</font> to <font>12</font> months. </font></p>
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<p style="text-indent: 20pt; line-height: 1.2; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: justify;"><font>The foregoing descriptions of the United Subscription Agreement and United Warrant Agreement are not complete and are subject to and qualified in their entirety by reference to the full text of such agreements, copies of which are filed as Exhibits <font>10.19</font> and <font>10.20</font> hereto. </font></p>
<p style="text-indent: 20pt; line-height: 1.2; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: justify;"><font><br><font style="font-weight: bold; font-style: italic; line-height: inherit;">BNDES Loan Agreement</font> </font></p>
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<p style="text-indent: 20pt; line-height: 1.2; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: justify;"><font>On January 23, 2023, EVE Solu&#231;&#245;es de Mobilidade A&#233;rea Urbana, Ltda. (&#8220;Eve Brazil&#8221;), a Brazilian limited liability company and a wholly owned subsidiary of the Company, entered into a loan agreement (the &#8220;Loan Agreement&#8221;) with BNDES, pursuant to which BNDES agreed to grant <font>two</font> lines of credit to Eve Brazil, with an aggregate amount of R$<font>490.00</font> million (approximately U.S.$<font>95.25</font> million), to support the first phase of the development of the Company&#8217;s eVTOL project.<br></font></p>
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<p style="text-indent: 20pt; line-height: 1.2; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: justify;"><font>The first line of credit, in the amount of R$<font>80.00</font> million (approximately U.S.$<font>15.55</font> million), will be granted in Brazilian reais by Fundo Nacional Sobre Mudan&#231;a Clim&#225;tica (&#8220;FNMC&#8221;), a BNDES fund that supports businesses focused on mitigating climate change and reducing carbon emissions, and will be subject to an interest rate of <font>4.55</font>% per year. The second line of credit, in the amount of R$<font>410.00</font> million (approximately U.S.$<font>79.70</font> million), will be granted in U.S. dollars, as adjusted on a daily basis by the U.S. dollar sale rate published by the Central Bank of Brazil as the &#8220;PTAX&#8221; rate, and will be subject to an interest rate of <font>1.10</font>% per year plus a fixed rate to be published by BNDES every <font>15</font> days in accordance with the Loan Agreement. Such credit lines shall be used by Eve Brazil within <font>36</font> months from the date of signing of the Loan Agreement (otherwise, BNDES may terminate the Loan Agreement) and any loans shall be paid by no later than February 15, 2035. In addition, Eve Brazil shall pay a <font>one</font>-time R$<font>2.05</font> million (approximately U.S.$<font>400,000</font>) fee to BNDES, whether or not Eve Brazil ends up using any credit.<br></font></p>
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<p style="text-indent: 20pt; line-height: 1.2; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: justify;"><font>The Loan Agreement provides that the availability of such lines of credit is subject to BNDES&#8217;s rules and regulations and, in the case of the first line of credit, FNMC&#8217;s budget and, in the case of the second line of credit, BNDES&#8217;s financing program (which is subject to funding by the Conselho Monet&#225;rio Nacional, Brazil&#8217;s National Monetary Council). Additionally, the Loan Agreement provides that the borrowing of any amount under these lines of credit is subject to certain conditions, including, among others, the promulgation of a new law (which condition only applies to the first line of credit), the receipt by BNDES of a guarantee from an acceptable financial institution, absence of any facts that would have a material adverse effect on the economic or financial condition of Eve Brazil, and approval of the project by the applicable environmental entities.<br></font></p>
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<p style="text-indent: 20pt; line-height: 1.2; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: justify;"><font>The Loan Agreement can be early terminated, and payment of any outstanding amount can be accelerated, by BNDES in certain events provided for in the Loan Agreement, including in the event of default by Eve Brazil that remains uncured for <font>30</font> days following receipt of written notice from BNDES. </font></p>
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<p style="text-indent: 20pt; line-height: 1.2; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: justify;"><font>The foregoing summary of the Loan Agreement does not purport to be complete and is qualified in its entirety by reference to an English translation of the Loan Agreement, which translation is attached hereto as Exhibit <font>10.22</font>.<br></font></p>
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<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Other </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Key </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Agreements </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve Sub has entered into the MSA with ERJ, the Atech MSA with Atech (collectively, the "MSAs"), a Service Agreement with the Brazilian Subsidiary, and the SSA with ERJ, EAH and the Brazilian Subsidiary. Pursuant to the MSAs with ERJ and Atech, each of ERJ and Atech, either directly or through their respective affiliates, will provide certain services and products to Eve and its subsidiaries, including, among others, product development of eVTOL, services development, parts planning, technical support, AOG support, MRO planning, training, special programs, technical publications development, technical publications management and distribution, operation, engineering, designing and administrative services and, at Eve<font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;">&#8217;</font></font>s option, future eVTOL manufacturing services. Eve expects to collaborate with ERJ and leverage ERJ<font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;">&#8217;</font></font>s expertise as an aircraft producer, which will help it design and manufacture eVTOLs with low maintenance and operational costs and design systems and processes for maintenance, develop pilot training programs and establish operations. The services provided under the SSA include, among others, corporate and administrative services to Eve. In addition, Eve Sub has also entered into the Data Access Agreement with ERJ and the Brazilian subsidiary, pursuant to which, among other things, ERJ has agreed to provide the Brazilian Subsidiary with access to certain of its intellectual property and proprietary information in order to facilitate the execution of the specific activities that are set out in certain of the statements of work entered into pursuant to the Services Agreements. </font></p>
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<p style="text-indent: 20pt; line-height: 12pt; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: justify;"><font>The aforementioned Services Agreements continue to be in full force and effect. Further information about such agreements is set forth beginning on page <font><font>68</font></font> of our prospectus, dated January 18, 2023, filed on January 20, 2023, pursuant to Rule <font>424</font>(b) under the Securities Act, relating to the Registration Statement on Form S-<font>1</font>/A, as amended (File No.<font>333</font>-<font>265337</font>) (the &#8220;Prospectus&#8221;), in the section entitled &#8220;<font style="font-style: italic; line-height: inherit;">Material Agreements</font>,&#8221; and that information is incorporated herein by reference.&nbsp;</font></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Key </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Factors </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Affecting </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Results </font></p>
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<p style="text-align: justify; text-indent: 20pt; line-height: 1.2; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><font lang="EN-US">For further discussion on the risks attendant to the Key Factors Affecting Operating Results, see the sections entitled &#8220;Risk Factors<font style="line-height: inherit;" lang="EN-US">&#8221;</font> and <font style="line-height: inherit;" lang="EN-US">&#8220;</font>Cautionary Note Regarding Forward-Looking Statements&#8221; in this Annual Report on Form 10-K.<br></font></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Brazilian </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Economic </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Environment </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Brazilian government has frequently intervened in the Brazilian economy and occasionally made drastic changes in policy and regulations. The Brazilian government&#8217;s actions to control inflation and affect other policies and regulations have often involved, among other measures, increases in interest rates, changes in tax policies and incentives, price controls, currency devaluations, capital controls and limits on imports. Changes in Brazil&#8217;s monetary, credit, tariff and other policies could adversely affect our business, as could inflation, currency and interest-rate fluctuations, social instability and other political, economic or diplomatic developments in Brazil, as well as the Brazilian government&#8217;s response to these developments.&nbsp; </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Rapid changes in Brazilian political and economic conditions that have occurred and may occur require continued assessment of the risks associated with our activities and the adjustment of our business and operating strategy accordingly. Developments in Brazilian government policies, including changes in the current policy and incentives adopted for financing exports of Brazilian goods, or in the Brazilian economy, over which we have no control, may have a material adverse effect on our business. </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Inflation and exchange rate variations have had, and may continue to have, substantial effects on our financial condition and results of operations.</font> </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font>Inflation and exchange rate variations affect our monetary assets and liabilities denominated in Brazilian reais. The value of these assets and liabilities as expressed in U.S. dollars declines when the real devalues against the U.S. dollar and increases when the real appreciates. In periods of devaluation of the real, we report (i) a remeasurement loss on real-denominated monetary assets and (ii) a remeasurement gain on real-denominated monetary liabilities. For additional information on the effects of exchange rate variations on our financial condition and results of operations, see the section entitled &#8220;Item <font>7</font>.A. Quantitative and Qualitative Disclosures about Market Risk.&#8221; </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Development </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of the UAM M</font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">arket </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font>Our revenue will be directly tied to the continued development and sale of eVTOL and related services. While we believe the market for UAM will be large, it remains undeveloped and there is no guarantee of future demand. We currently anticipate commercialization of our eVTOL services-and-support business beginning in <font>2025</font>, followed by the commercialization and initial revenue generation from the sale of our eVTOLs beginning in <font>2026</font>, and our business will require significant investment leading up to launching passenger services, including, but not limited to, final engineering designs, prototyping and testing, manufacturing, software development, certification, pilot training and commercialization. </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font>We believe <font>one</font> of the primary drivers for adoption of our UAM services is the value proposition and time savings offered by aerial mobility relative to traditional ground-based transportation. Additional factors impacting the pace of adoption of our UAM services include but are not limited to: perceptions about eVTOL quality, safety, performance and cost; perceptions about the limited range over which eVTOL may be flown on a single battery charge; volatility in the cost of oil and gasoline; availability of competing forms of transportation, such as ground or air taxi or ride-hailing services; the development of adequate infrastructure; consumers&#8217; perception about the convenience and cost of transportation using eVTOL relative to ground-based alternatives; and increases in fuel efficiency, autonomy, or electrification of cars. In addition, macroeconomic factors could impact demand for UAM services, particularly if end-user pricing is at a premium to ground-based transportation alternatives or more permanent work-from-home behaviors persist following the COVID pandemic. We anticipate initial operations in selected high-density metropolitan areas where traffic congestion is particularly acute and operating conditions are suitable for early eVTOL operations. If the market for UAM does not develop as expected, this would impact our ability to generate revenue or grow our business. </font></p>
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<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Competition </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe that our primary sources of competition are focused UAM developers and established aerospace and automotive companies developing UAM businesses. In addition, we are likely to face competition in our specific business segments from fleet operators that do not partner with us, aviation companies that have built extensive aircraft service and support networks, and potentially providers of Unmanned Traffic Management systems if those systems are enhanced to higher levels of safety to support manned flight operations. We expect the UAM industry to be dynamic and increasingly competitive; our competitors could get to market before us, either generally or in specific markets. Even if we are first to market, we may not fully realize the benefits we anticipate, and we may not receive any competitive advantage or may be overcome by other competitors. If new companies or existing aerospace or automotive companies launch competing solutions in the markets in which we intend to operate and obtain large-scale capital investment, we may face increased competition. Additionally, our competitors may benefit from our efforts in developing consumer and community acceptance for UAM products and services, making it easier for them to obtain the permits and authorizations required to operate UAM services. In the event we do not capture a first mover advantage, or our current or future competitors overcome our advantages, our business, financial condition, operating results and prospects would be harmed. </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Government </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Certification </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We plan to obtain authorizations and certifications for our eVTOL with the ANAC, FAA and EASA initially, and will seek certifications from other aviation authorities as necessary. We will also need to obtain authorizations and certifications related to the production of our aircraft and the deployment of our related services. While we anticipate being able to meet the requirements of such authorizations and certifications, we may be unable to obtain such authorizations and certifications, or to do so on the timeline we project. Should we fail to obtain any of the required authorizations or certifications, or do so in a timely manner, or any of these authorizations or certifications are modified, suspended or revoked after we obtain them, we may be unable to launch our commercial service or do so on the timelines we project, which would have adverse effects on our business, prospects, financial condition and/or results of operations. </font></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Initial </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Business Development </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Engagement </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font>Since its founding, Eve has been engaged in multiple market and business development projects around the world. Examples of this include <font>two</font> concepts of operation (CONOPS) with Airservices Australia as well as with the United Kingdom Civil Aviation Authority. Both of these market and business development initiatives demonstrated Eve&#8217;s ability to create new procedures and frameworks designed to enable the safe scalability of UAM together with our partners. Using these initiatives as a guide, Eve has launched CONOPS in Rio de Janeiro, Miami, Japan and Chicago, and hopes to launch additional concepts of operation in the United States, Brazil and around the world. </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font>In addition to our market development initiatives, Eve has signed non-binding letters of intent to sell over <font>2,770</font> of our eVTOL aircraft, and we continue to seek additional opportunities for sales partnerships. In addition to these deals, Eve has been actively involved in the UAM ecosystem development by signing Memorandums of Understanding (MOUs) with more than <font>25</font> market-leading partners in segments spanning infrastructure, operations, platforms, utilities and others. In the future, we plan to focus on implementation and ecosystem readiness with our existing partners while continuing to seek UATM and support-services partnerships in order to complement our business-model and drive growth. </font></p>
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<p style="margin: 0px;text-indent: 0px;line-height: 1.2;font-style: italic;font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #231f20; font-style: italic; font-weight: bold; line-height: inherit;">Impact</font> <font>of COVID-<font style="border-left: none; border-right: none;">19</font></font> </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font>Eve has been monitoring the COVID-<font>19</font> pandemic situation and its impacts on Eve&#8217;s employees, operations, the global economy, the supply and the demand for Eve&#8217;s products and services. </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font>In response to the COVID-<font>19</font> pandemic, ERJ engaged in several initiatives supporting the health and safety of Eve employees. Eve&#8217;s operations were interrupted for a certain period in order to adapt industrial facilities in relation to health and safety measures. Social distancing measures were taken, as well as the implementation of working from home for a certain group of Eve employees. Furthermore, several measures to preserve jobs were taken, including reductions in working hours and pay cuts, collective vacations and temporary furloughs.&nbsp;</font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font>The full impact of the COVID-<font>19</font> pandemic continues to evolve as of the date of this Annual Report on Form 10-K. As such, it is uncertain as to the full magnitude that the pandemic will have on the UAM Business and Eve&#8217;s financial condition, liquidity, and future results of operations. Management is actively monitoring the situation on its financial condition, liquidity, operations, suppliers, industry, and workforce.&nbsp; </font></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #231f20; font-style: italic; font-weight: bold; line-height: inherit;">Fully-Integrated</font> <font style="color: #231f20; font-style: italic; font-weight: bold; line-height: inherit;">Business Model</font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #231f20; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Eve&#8217;s business model to serve as a fully-integrated eVTOL transportation solution provider is uncertain. Present projections indicate that payback periods on eVTOL aircraft will result in a viable business model over the long-term as production volumes scale and unit economics improve to support sufficient market adoption. As with any new industry and business model, numerous risks and uncertainties exist. Our financial results are dependent on certifying and delivering eVTOL on time and at a cost that supports returns at prices that sufficient numbers of customers are willing to pay based on value arising from time and efficiency savings from utilizing eVTOL services. Our aircraft include numerous parts and manufacturing processes unique to eVTOL aircraft, in general, and our product design, in particular. Best efforts have been made to estimate costs in our planning projections; however, the variable cost associated with assembling our aircraft at scale remains uncertain at this stage of development. The success of our business also is dependent, in part, on the utilization rate of our aircraft and reductions in utilization will adversely impact our financial performance. Our aircraft may not be able to fly safely in poor weather conditions, including snowstorms, thunderstorms, lightning, hail, known icing conditions and/or fog. Inability to operate safely in these conditions would reduce our aircraft utilization and cause delays and disruptions in our services. We intend to maintain a high daily aircraft utilization rate which is the amount of time our aircraft spend in the air carrying passengers. High daily aircraft utilization is achieved in part by reducing turnaround times at vertiports so we can fly more hours on average in a day. Aircraft utilization is reduced by delays and cancellations from various factors, many of which are beyond our control, including adverse weather conditions, security requirements, air traffic congestion and unscheduled maintenance events. </font></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Components of Results </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">of Operations </font></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Revenue </font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font>Eve is a development stage company and has not generated any revenue and has incurred operating losses since inception. We do not expect to generate relevant revenue from eVTOL sales unless and until we obtain regulatory approval of and commercialize our first eVTOL. Projected revenue in <font>2025</font> is comprised of fleet operations, service and support and UATM. These eVTOL-related revenue sources are not solely dependent on Eve aircraft, which are not expected to begin production until <font>2025</font> and generate revenue until <font>2026</font>. Our ability to generate revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of our eVTOL. </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Operating </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Expenses </font></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Research&nbsp; </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">and Development&nbsp; </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Expenses </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Research and development activities represent a significant part of Eve&#8217;s business. Eve&#8217;s research and development efforts focus on the design and development of eVTOLs, the development of services and operations for its vehicles and those operated by third parties, as well as the development of a UATM software platform. Research and development expenses consist of personnel-related costs (including salaries, bonuses, benefits, and stock-based compensation) for the Eve&#8217;s employees focused on research and development activities, and costs of consulting, equipment and materials, as well as other related costs, depreciation and amortization and an allocation of Eve&#8217;s general overhead, including rent, information technology costs and utilities. Eve expects research and development expenses to increase significantly as it increases staffing to support eVTOL aircraft engineering and software development, builds aircraft prototypes, progresses towards the launch of its first eVTOL aircraft and continues to explore and develop next generation aircraft and technologies. </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve cannot determine with certainty the timing or duration of, or the completion costs of its eVTOL aircraft due to the inherently unpredictable nature of its research and development activities. Development timelines, the probability of success and development costs can differ materially from expectations. </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Selling, General&nbsp; </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">and Administrative </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Selling, general and administrative expenses consist primarily of personnel-related costs, (including salaries, bonuses, benefits, and stock-based compensation) for employees associated with administrative services such as executive management, legal, human resources, information technology, accounting and finance. These expenses also include certain third-party consulting services, including business development, contractor and professional services fees, audit and compliance expenses, certain insurance costs, certain facilities costs, and any corporate overhead costs not allocated to other expense categories, including allocated depreciation, rent, information technology costs and utilities. Selling, general and administrative expenses have increased in absolute dollars as Eve ramped up operations and became a public company, which is required to comply with the applicable provisions of the Sarbanes-Oxley Act (&#8220;SOX&#8221;) and other rules and regulations. Eve <font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #231f20; line-height: inherit;" lang="EN-US">has been incurring and </font> will continue to incur additional costs for employees and third-party consulting services related to operating as a public company and to support Eve&#8217;s commercialization efforts. </font></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">New Warrants Expenses</font></p>
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<p style="margin: 0cm 0cm 0cm; text-align: justify; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman', serif;"><font lang="EN-US">Eve issued or agreed to issue new warrants to potential customers, financiers and suppliers. See more details in Note <font><font>10</font></font>. The new warrants exercisable upon the closing of the transaction&nbsp;were recognized by Eve at their respective fair values on this date&nbsp;as an operating expense (since Eve has no current revenue or binding contracts in place). The initial recognition of these warrants amounted $<font>87,352,000</font> and $<font>17,424,230</font> during the <font>three</font>-month periods ended June 30, 2022, and September 30, 2022, respectively, and since they are equity classified no remeasurement&nbsp;is required. </font></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Results&nbsp; </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">of O<font style="line-height: inherit;">perations</font> </font></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Comparison </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of </font><font style="border-right: none; border-left: none; line-height: inherit;"><font style="border-left: none; border-right: none; line-height: inherit;"><font>Twelve Months Ended</font> December 31,</font> </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><font>2022</font> to the </font><font style="border-left: none; border-right: none; line-height: inherit;"><font>Twelve Months Ended</font>&nbsp;December 31, </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><font>2021</font>:&nbsp; </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; font-size: 6pt;"><font style="font-family: Calibri; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The following </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">tables </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">set </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">forth </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">statement </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of operations </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">information </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="border-right: none; border-left: none; line-height: inherit;"> <font style="border-left: none; border-right: none; line-height: inherit;"><font>twelve months ended</font></font> </font><font style="border-left: none; border-right: none; line-height: inherit;"><font>December 31, 2022</font><font style="line-height: inherit;">and <font>2021</font> and 2020.</font> </font></p>
</div>
<div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px; line-height: 1.2;">
<div><br>
<table style="height: 217px; width: 99.7267%; margin: 0px 0px 0px 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">

<tr style="height: 17px;">
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center; border-bottom: 0.75pt solid #000000 !important;" colspan="11"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Year Ended December 31, </font><br></td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: center; border-bottom: 1pt solid #000000; height: 10px; vertical-align: bottom;" valign="bottom"><font style="font-weight: bold; line-height: inherit;"><font>2022</font> </font> <br></td>
<td style="border-bottom-width: 1px; padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; text-align: center;" valign="bottom"><br></td>
<td style="border-bottom-width: 1px; padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; text-align: center;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; height: 10px; vertical-align: bottom; text-align: center;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; height: 10px; vertical-align: bottom; text-align: center;" valign="bottom"><font style="font-weight: bold; line-height: inherit;"><font>2021</font> </font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; height: 10px; vertical-align: bottom; text-align: center;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; vertical-align: bottom; text-align: center; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; vertical-align: bottom; text-align: center; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; vertical-align: bottom; text-align: center; height: 10px;"><font style="font-weight: bold;"><font>2020</font></font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; vertical-align: bottom; text-align: center; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; font-weight: bold; vertical-align: -0.5pt; line-height: inherit;">Operatin<font style="line-height: inherit;">g</font></font><font style="line-height: inherit;"><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; font-weight: bold; letter-spacing: 0.05pt; vertical-align: -0.5pt; line-height: inherit;">&nbsp;</font><font style="line-height: inherit;"><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; font-weight: bold; vertical-align: -0.5pt; line-height: inherit;">ex<font>penses</font></font></font></font> </font></td>
<td style="height: 17px; border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="height: 17px; border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; text-align: center;"><br></td>
<td style="border-bottom-width: 1px; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="height: 17px; border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="height: 17px; border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="height: 17px; border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; text-align: center;"><br></td>
<td style="border-bottom-width: 1px; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">Research</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">and development&nbsp;</font> </font></td>
<td style="height: 17px; border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</font></td>
<td style="height: 17px; text-align: right; border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(<font>51,857,545</font> </font></td>
<td style="border-bottom-width: 1px; height: 17px; padding: 1px 0px; margin: 0px; text-indent: 0px;">)</td>
<td style="height: 17px; border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="height: 17px; border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</font></td>
<td style="height: 17px; text-align: right; border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(<font>13,279,780</font> </font></td>
<td style="border-bottom-width: 1px; height: 17px; text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px;">)</td>
<td style="border-bottom-width: 1px; text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="border-bottom-width: 1px; text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; height: 17px;">$</td>
<td style="border-bottom-width: 1px; padding: 1px 0px; margin: 0px; text-indent: 0px; text-align: right; height: 17px;">(<font>8,358,043</font></td>
<td style="border-bottom-width: 1px; text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; width: 62%;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">Selling, general</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">and administrative&nbsp;</font> </font></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br></td>
<td style="height: 17px; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10%;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(<font>32,855,959</font> </font></td>
<td style="height: 17px; padding: 1px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;">)</td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br></td>
<td style="height: 17px; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10%;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(<font>4,898,942</font> </font></td>
<td style="height: 17px; text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;">)</td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 1px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10%; text-align: right; height: 17px;">(<font>1,233,876</font></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">New Warrants expenses&nbsp;<br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">(<font>104,776,230</font></td>
<td style="padding: 1px 0px; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><font>&#8212;</font><br></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 1px 0px; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><font>&#8212;</font><br></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; background-color: #cceeff;"><font style="font-weight: bold; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from operations </font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><br></td>
<td style="text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; font-weight: bold; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-weight: bold; line-height: inherit;">(<font>189,489,734</font> </font></td>
<td style="padding: 1px 0px; margin: 0px; text-indent: 0px; height: 10px; font-weight: bold; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; font-weight: bold; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; font-weight: bold; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><br></td>
<td style="text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; font-weight: bold; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-weight: bold; line-height: inherit;">(<font>18,178,722</font> </font></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; height: 10px; font-weight: bold; background-color: #cceeff;">)</td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; font-weight: bold; background-color: #cceeff; height: 10px;"><br></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; font-weight: bold; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; height: 10px;"><br></td>
<td style="padding: 1px 0px; margin: 0px; text-indent: 0px; font-weight: bold; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; text-align: right; height: 10px;">(<font>9,591,919</font></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; font-weight: bold; background-color: #cceeff; height: 10px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">Change in fair value of derivative liabilities</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><font>9,547,500</font><br></td>
<td style="padding: 1px 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><font>&#8212;</font><br></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 1px 0px; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><font>&#8212;</font><br></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Financial and foreign exchange gain/(loss), net </font></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="height: 10px; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font>6,844,856</font> </font><br></td>
<td style="height: 10px; padding: 1px 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="height: 10px; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(<font>77,147</font> </font></td>
<td style="height: 10px; text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">)</td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 1px 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; text-align: right; height: 10px;">(<font>34,023</font></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">)</td>
</tr>
<tr style="height: 17px; text-align: right;">
<td style="height: 17px; padding-left: 30px; text-align: left;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">Loss before</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">income</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">taxes</font> </font></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><br></td>
<td style="height: 17px; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-weight: bold; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(<font>173,097,378</font> </font></td>
<td style="height: 17px; padding: 1px 0px; margin: 0px; text-indent: 0px; text-align: left; font-weight: bold;">)</td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-weight: bold;"><br></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-weight: bold; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><br></td>
<td style="height: 17px; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-weight: bold; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(<font>18,255,869</font> </font></td>
<td style="height: 17px; text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; font-weight: bold;">)</td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; font-weight: bold; height: 17px;"><br></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; font-weight: bold; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; height: 17px;"><br></td>
<td style="padding: 1px 0px; margin: 0px; text-indent: 0px; font-weight: bold; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; text-align: right; height: 17px;">(<font>9,625,942</font></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; font-weight: bold; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;"><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Income</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">tax</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">benefit/(expense)</font></font> </font></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(<font>932,980</font> </font></td>
<td style="height: 17px; padding: 1px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font><font>&#8212;</font></font><br></td>
<td style="height: 17px; text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 1px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; text-align: right; height: 17px;"><font>&#8212;</font><br></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; text-align: right;">
<td style="height: 17px; padding-left: 30px; text-align: left;"><font style="line-height: inherit;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Net loss</font> </font></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: left; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</font></td>
<td style="height: 17px; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-weight: bold; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(<font>174,030,358</font> </font></td>
<td style="height: 17px; padding: 1px 0px; margin: 0px; text-indent: 0px; text-align: left; font-weight: bold;">)</td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-weight: bold;"><br></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-weight: bold; text-align: left; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</font></td>
<td style="height: 17px; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-weight: bold; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(<font>18,255,869</font> </font></td>
<td style="height: 17px; text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; font-weight: bold;">)</td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; font-weight: bold; height: 17px;"><br></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; font-weight: bold; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; height: 17px;">$</td>
<td style="padding: 1px 0px; margin: 0px; text-indent: 0px; font-weight: bold; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; text-align: right; height: 17px;">(<font>9,625,942</font></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; font-weight: bold; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="text-align: left; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Net loss per share basic and diluted </font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">(<font>0.68</font><br></td>
<td style="padding: 1px 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">(<font>0.08</font><br></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">)</td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 1px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; text-align: right; height: 17px;">(<font>0.04</font></td>
<td style="text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; color: #000000; display: inline !important; line-height: inherit;">Weighted-average number of shares outstanding &#8211; basic and diluted </font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><font>254,131,038</font><br></td>
<td style="padding: 1px 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><font>220,000,000</font><br></td>
<td style="border-bottom-width: 1px; text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom-width: 1px; text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom-width: 1px; text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom-width: 1px; padding: 1px 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px;"><font>220,000,000</font><br></td>
<td style="border-bottom-width: 1px; text-align: left; padding: 1px 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>

</table>
</div>
<p style="line-height: 11.25pt; margin: 0pt 0pt 0pt 45pt; orphans: 0; widows: 0; ;margin: 0px !important;"><br></p>
</div>
<div>
<table style="height: 214px; width: 99.8466%; margin: 0px 0px 0px 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; margin-left: 0.1px;">

<tr style="height: 17px;">
<td style="height: 17px; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 0.1px; width: 49.1713%;"><br></td>
<td style="text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 23.3425%;" colspan="5"><font style="font-weight: bold; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Y-o-Y </font></font>Changes for the Year Ended <font>December 31,</font> <font>2022</font> vs <font>December 31, 2021</font> </font></td>
<td style="text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-family: 'Times New Roman'; font-size: 10pt; width: 1.9337%;"><br></td>
<td style="text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom: 1pt solid #000000; width: 22.9282%;" colspan="5"><font style="font-weight: bold;">Y-o-Y Changes for the Year Ended <font>December 31, 2021</font> vs <font>December 31, 2020</font></font></td>
<td style="text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 1.9337%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 0.1px; width: 49.1713%;"><br></td>
<td style="text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 10.6354%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="line-height: inherit; color: #231f20;" lang="EN-US">Changes in $</font></b> </font></td>
<td style="text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 9.80663%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="line-height: inherit; color: #231f20;" lang="EN-US">Changes in %</font></b> </font></td>
<td style="text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-family: 'Times New Roman'; font-size: 10pt; width: 1.9337%;"><br></td>
<td style="text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom: 1pt solid #000000; width: 9.80663%;"><b style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="line-height: inherit; color: #231f20;" lang="EN-US">Changes in $</font></b></td>
<td style="text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 0.966851%;"><br></td>
<td style="text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 1.38122%;"><br></td>
<td style="text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 0.966851%;"><br></td>
<td style="text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom: 1pt solid #000000; width: 9.80663%;"><b style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="line-height: inherit; color: #231f20;" lang="EN-US">Changes in %</font></b></td>
<td style="text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 1.9337%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 0.1px; width: 49.1713%;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; font-weight: bold; vertical-align: -0.5pt; line-height: inherit;">Operating</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; font-weight: bold; letter-spacing: 0.05pt; vertical-align: -0.5pt; line-height: inherit;">&nbsp;</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; font-weight: bold; vertical-align: -0.5pt; line-height: inherit;">expenses&nbsp;</font> </font></td>
<td style="border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 10.6354%;"><br></td>
<td style="border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 9.80663%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 1.9337%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.80663%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.38122%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 9.80663%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.9337%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 0.1px; width: 49.1713%;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Research</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and development</font> </font></td>
<td style="border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: right; font-family: 'Times New Roman'; font-size: 10pt; width: 10.6354%;"><font style="border-left: none; border-right: none; line-height: inherit;">(<font>38,577,765</font> </font></td>
<td style="border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;">)</td>
<td style="border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: right; font-family: 'Times New Roman'; font-size: 10pt; width: 9.80663%;"><font style="border-left: none; border-right: none; line-height: inherit;"><font>291</font> </font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-family: 'Times New Roman'; font-size: 10pt; width: 1.9337%;">%</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 9.80663%; text-align: right;">(<font>4,921,737</font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 0.966851%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 1.38122%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 9.80663%; text-align: right;"><font>59</font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 1.9337%;">%</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 0.1px; width: 49.1713%;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Selling, general</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and administrative&nbsp;</font> </font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: right; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 10.6354%;"><font style="border-left: none; border-right: none; line-height: inherit;">(<font>27,957,017</font> </font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: right; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 9.80663%;"><font style="border-left: none; border-right: none; line-height: inherit;"><font>571</font> </font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 1.9337%;">%</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; text-align: right; width: 9.80663%;">(<font>3,665,066</font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 0.966851%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.38122%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: right; width: 9.80663%;"><font>297</font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.9337%;">%</td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 0.1px; width: 49.1713%;">New Warrants expenses <br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; text-align: right; height: 17px; border-bottom: 1px solid #000000; font-family: 'Times New Roman'; font-size: 10pt; width: 10.6354%;">(<font>104,776,230</font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; text-align: right; height: 17px; border-bottom: 1px solid #000000; font-family: 'Times New Roman'; font-size: 10pt; width: 9.80663%;"><font>100</font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-family: 'Times New Roman'; font-size: 10pt; width: 1.9337%;">%<br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; text-align: right; width: 9.80663%;"><font>&#8212;</font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 1.38122%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; text-align: right; width: 9.80663%;"><font>100</font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 1.9337%;">%</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; padding-left: 30px; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 0.1px; width: 49.1713%;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Loss from operations </font></font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: right; font-weight: bold; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 10.6354%;"><font style="border-left: none; border-right: none; font-weight: bold; line-height: inherit;">(<font>171,311,012</font> </font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-weight: bold; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-weight: bold; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-weight: bold; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: right; font-weight: bold; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 9.80663%;"><font style="border-left: none; border-right: none; font-weight: bold; line-height: inherit;"><font>942</font> </font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-weight: bold; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 1.9337%;">%</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-weight: bold; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; font-weight: bold; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; text-align: right; width: 9.80663%;">(<font>8,586,803</font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-weight: bold; background-color: #cceeff; height: 17px; width: 0.966851%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-weight: bold; background-color: #cceeff; height: 17px; width: 1.38122%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-weight: bold; background-color: #cceeff; height: 17px; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-weight: bold; background-color: #cceeff; height: 17px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; text-align: right; width: 9.80663%;"><font>90</font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-weight: bold; background-color: #cceeff; height: 17px; width: 1.9337%;">%</td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 0.1px; width: 49.1713%;">Change in fair value of derivative liabilities</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: right; font-family: 'Times New Roman'; font-size: 10pt; width: 10.6354%;"><font style="border-left: none; border-right: none; line-height: inherit;"><font>9,547,500</font> </font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: right; font-family: 'Times New Roman'; font-size: 10pt; width: 9.80663%;"><font style="border-left: none; border-right: none; line-height: inherit;"><font>100</font> </font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-family: 'Times New Roman'; font-size: 10pt; width: 1.9337%;">%</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; text-align: right; width: 9.80663%;"><font>&#8212;</font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 1.38122%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; text-align: right; width: 9.80663%;"><font>100</font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 1.9337%;">%</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 0.1px; width: 49.1713%;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Financial and foreign exchange gain/(loss), net</font></font> </font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; text-align: right; vertical-align: bottom; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 10.6354%;" valign="bottom"><font style="border-left: none; border-right: none; line-height: inherit;"><font>6,922,003</font> </font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; vertical-align: bottom; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; vertical-align: bottom; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; vertical-align: bottom; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; text-align: right; vertical-align: bottom; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 9.80663%;" valign="bottom"><font style="border-left: none; border-right: none; line-height: inherit;">(<font>8,972</font>) </font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; vertical-align: bottom; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 1.9337%;" valign="bottom">%</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; background-color: #cceeff; text-align: right; width: 9.80663%;" valign="bottom">(<font>43,124</font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 0.966851%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.38122%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; text-align: right; width: 9.80663%;"><font>127</font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.9337%;">%</td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding-left: 30px; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 0.1px; width: 49.1713%;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Loss before</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">income</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">taxes</font> </font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: right; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 10.6354%;"><font style="border-left: none; border-right: none; font-weight: bold; line-height: inherit;">(<font>154,841,509</font> </font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: right; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 9.80663%;"><font style="border-left: none; border-right: none; font-weight: bold; line-height: inherit;"><font>848</font> </font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; width: 1.9337%;">%</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; font-weight: bold; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; text-align: right; width: 9.80663%;">(<font>8,629,927</font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-weight: bold; height: 17px; width: 0.966851%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-weight: bold; height: 17px; width: 1.38122%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-weight: bold; height: 17px; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-weight: bold; height: 17px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; text-align: right; width: 9.80663%;"><font>90</font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-weight: bold; height: 17px; width: 1.9337%;">%</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 0.1px; width: 49.1713%;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Income</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">tax</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">benefit/(expense)</font> </font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: right; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 10.6354%;"><font style="border-left: none; border-right: none; line-height: inherit;">(<font>932,980</font> </font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: right; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 9.80663%;"><font style="border-left: none; border-right: none; line-height: inherit;"><font>100</font> </font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 1.9337%;">%</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; text-align: right; width: 9.80663%;"><font>&#8212;</font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.38122%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: right; width: 9.80663%;"><font>100</font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.9337%;">%</td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding-left: 30px; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 0.1px; width: 49.1713%;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Net loss&nbsp; </font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: right; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 10.6354%;"><font style="border-left: none; border-right: none; font-weight: bold; line-height: inherit;">(<font>155,774,489</font> </font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: right; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 9.80663%;"><font style="border-left: none; border-right: none; font-weight: bold; line-height: inherit;"><font>853</font> </font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; width: 1.9337%;">%</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; font-weight: bold; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; text-align: right; width: 9.80663%;">(<font>8,629,927</font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-weight: bold; height: 17px; width: 0.966851%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-weight: bold; height: 17px; width: 1.38122%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-weight: bold; height: 17px; width: 0.966851%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-weight: bold; height: 17px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; text-align: right; width: 9.80663%;"><font>90</font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-weight: bold; height: 17px; width: 1.9337%;">%</td>
</tr>

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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Research </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">and development </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">expenses&nbsp; </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p class="ng-scope" style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;">Research and development expenses <font>increased</font> by $<font>38.58</font> million, from $<font>13.28</font> million in the twelve months ended <font style="border-left: medium none; border-right: medium none;">December 31, 2021,</font> to $<font>51.86</font> million in the twelve months ended <font>December 31, 2022</font>. This increase in research and development was primarily due to an increase in R&amp;D&#8217;s team headcount, whose activities are mainly related to eVTOL and UATM development, as well as higher engineering expenses contemplated in MSA agreements with ERJ and Atech, mainly related to cost of supplies for the development of the Proof of Concept <font>1</font> vehicle, a full scale model of Eve&#8217;s eVTOL, including batteries, motors, thermal management systems and propellers. Further, additional milestone payments and purchases of parts, equipment and supplies went to suppliers and outside contractors in connection with the continued development of the Proof of Concept <font>1</font> vehicle. Lastly, Eve also started to incur development expenses related to its UATM system in <font>2021</font>, which continued throughout <font>2022</font>.</p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Selling, general </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">and administrative </font></p>
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<p style="line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="font-size: 10pt; line-height: inherit;"><font>Selling, general and administrative expenses <font>increased</font> $<font>27.96</font> million, from $<font>4.90</font> million in the twelve months ended <font>December 31, 2021</font>, to $<font>32.86</font> million in the twelve months ended <font>December 31, 2022</font>. The increase in selling, general and administrative expenses was largely driven by an increase in Eve&#8217;s team during the year of <font>2022</font>, consulting services and marketing expenses (e.g., NYSE IPO ceremony and tradeshows), as well as charges related to the Shared Service Agreement.</font> </font><br></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>68</font></font></td>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><br></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">New warrants expenses </font></p>
<p style="margin: 6pt 0cm 0cm; text-align: justify; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="color: #000000; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;" lang="EN-US"><font>New warrants expenses were first recognized in the second quarter of <font>2022</font> regarding the original new warrants issued by Eve upon the Closing of the transaction which occurred during that period. Total new warrants expenses were $<font>104.78</font></font></font><font style="font-size: 10pt; line-height: inherit;" lang="EN-US"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million in the twelve months ended <font>December 31, 2022</font>.</font></font> </font></p>
<p style="text-align: justify; text-indent: 0px; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman', serif; margin: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Financial and foreign exchange gain/(loss), net&nbsp; </font></p>
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<p class="ng-scope" style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #000000; line-height: inherit;"><font>Financial and foreign exchange loss of $<font>0.08</font>&nbsp;million in the <font>twelve</font> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> months ended <font>December 31, 2021</font>, was also reverted to a gain of $<font>6.84</font>&nbsp;million in the twelve months ended <font>December 31, 2022</font>. This change was driven by the depreciation of the Brazilian real vs. the U.S. dollar, as well as increases on our <font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000; line-height: inherit;" lang="EN-US">financial revenues given a higher cash position following Eve&#8217;s capital raise in May 2022 </font>. Eve <font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000; line-height: inherit;" lang="EN-US">has invested its cash in short and long-term fixed-income instruments of low risk, mostly in US dollars and high-quality financial institutions. </font> <br></font></font></p>
<p class="ng-scope" style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><br></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: justify;"><font style="color: #000000; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Loss before</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">income tax</font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 6pt; line-height: inherit; color: #000000;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a result of the aforementioned factors, loss before taxes on income <font>increased</font> by $<font>154.84</font> million, from a loss of $<font>18.26</font> million in the twelve months ended <font>December 31, 2021</font>, to a loss of $<font>173.10</font> million in the twelve months ended <font>December 31, 2022</font>. </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 7pt; line-height: inherit; color: #000000;">&nbsp;</font></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: justify;"><font style="color: #000000; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Net Loss and comprehensive</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">loss&nbsp;</font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a consequence of the aforementioned factors, our consolidated net loss after taxes, <font>increased</font> by $<font>155.77</font> million, from a loss of $<font>18.26</font> million in the twelve months ended <font>December 31, 2021</font>, to a loss of $<font>174.03</font> million in the twelve months ended <font>December 31, 2022</font>. </font></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: justify;"><font style="color: #000000; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Liquidity&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">and Capital&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Resources</font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve has incurred net losses since its inception, and to date has not generated any revenue from the design, development, manufacturing, engineering and sale or distribution of electric aircraft. We expect to continue to incur losses and negative operating cash flows for the foreseeable future until we successfully commence sustainable commercial operations. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="font-size: 10pt; color: #000000;"><font lang="EN-US">As of the Closing of the business combination with Zanite Acquisition Corp., Eve received net proceeds from the business combination and PIPE Investment of approximately $<font>337.7</font> million.&nbsp; As of December 31, 2022, Eve had cash of $<font>49.15</font> million, investments in marketable securities of </font></font><font lang="EN-US">$<font>178.78</font></font><font style="font-size: 10pt; color: #000000;"><font lang="EN-US"> million and a related-party loan of $<font>82.65</font> million to EAH that results in total liquidity of $<font>310.57</font> million, which is expected to be sufficient to fund its current operating plan for at least the next <font>twelve</font> months. Subsequent to FY<font>2022</font>, and on January 23, 2023, the Company secured <font>two</font> credit lines with BNDES for a total of R$<font>490.00</font> million (approximately U.S.$<font>95.25</font> million), which adds to the Company&#8217;s total liquidity once they are drawn</font><font lang="EN-US">.</font></font> <br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font>Eve will receive the proceeds from any exercise of any warrants in cash, other than a cashless exercise effected in accordance with the terms of such warrants. Each public warrant and private placement warrant entitles the holder thereof to purchase <font>one</font> share of common stock at a price of $<font>11.50</font> per share. For the new warrants, <font>24,095,072</font> shares of common stock can be or have been purchased at a price of $<font>0.01</font> per share, <font>12,000,000</font> shares of common stock can be purchased at $<font>15.00</font> per share, and <font>5,000,000</font> shares of common stock can be purchased at $<font>11.50</font> per share. Of the <font>24,095,072</font> shares of common stock that can be or have been purchased at a price of $<font>0.01</font> per share, <font>800,000</font> shares of common stock were purchased for $<font>8,000</font> at Closing, and <font>2,722,536</font> <font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000;" lang="EN-US">warrants were issued on September 1, 2022, and those </font> shares of common stock were purchased for $<font>27,225.36</font> on October 14, 2022. The amount of aggregate proceeds, assuming the exercise of all warrants, could be up to $<font>533,865,951</font>. We believe the likelihood that warrant holders will exercise their warrants, and therefore the amount of cash proceeds that we would receive is, among other things, dependent upon the market price of common stock. If the market price for shares of common stock is less than the exercise price of a holder&#8217;s warrant (e.g., $<font>11.50</font> or $<font>15.00</font>), such holder would be selling at a loss if they sold their common stock. The issuance and exercise of the new warrants are also subject to the UAM Business milestones and lock-up periods. See the sections of the Prospectus entitled &#8220;Business&#8212;Strategic Warrant, Lock-Up Agreements and Put Option Agreements&#8221; and &#8220;Business-Amended and Restated Registration Rights Agreement&#8221; for additional information. Excluding manufacturing capital expenditures, it is expected that approximately $<font>540,000,000</font> will be required to fund Eve&#8217;s business plan, </font><font lang="EN-US">which include Research &amp; Development efforts to design and certify our aircraft and suite of products for the Urban Air Mobility market as well as the necessary SG&amp;A to support the company&#8217;s plan. We expect to enter into service in <font>2026</font>.</font></p>
<p style="margin: 0px; background: white none repeat scroll 0% 0%; font-size: 11pt; font-family: 'Calibri', sans-serif; line-height: 1.2; text-indent: 20pt; text-align: justify;"><br></p>
<p style="margin: 0px; background: white none repeat scroll 0% 0%; font-size: 11pt; font-family: 'Calibri', sans-serif; line-height: 1.2; text-indent: 20pt; text-align: justify;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font lang="EN-US">In connection with the transactions contemplated by the BCA, we entered into Subscription Agreements with the PIPE Investors and United, for a total aggregate purchase price of $<font>372,300,000</font>. As of December 31, 2022, we had no debt in our balance sheet</font><font lang="EN-US">.</font></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font>In <font>2022</font>, Eve expended $<font>84.40</font> million to fund its current operating plan and anticipates continuing to spend an aggregate of approximately $<font>540.00</font> million excluding manufacturing capex until expected entry into service in <font>2026</font>. </font><br></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #000000; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve&#8217;s&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">capital&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">requirements&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">depend on many&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">factors,&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including:&nbsp; &nbsp;&nbsp;</font> </font></p>
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<td style="width: 3%; text-align: right; padding: 1px 0px 7px; height: 10px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
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<td style="width: 96%; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="color: #000000; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">research</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">and development</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">expenses</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">as it</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">continues</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">to develop</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">its</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">eVTOL</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: -0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">aircraft;</font> </font></td>
</tr>
<tr style="height: 10px;">
<td style="text-align: right; padding: 1px 0px 7px; height: 10px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="padding: 1px 0px 7px; height: 10px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="color: #000000; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">capital</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">expenditures</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">in the</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">expansion</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">of its</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">manufacturing</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.15pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">capacities;</font> </font></td>
</tr>
<tr style="height: 15px;">
<td style="text-align: right; padding: 1px 0px 7px; height: 15px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="padding: 1px 0px 7px; height: 15px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><br></td>
<td style="padding: 0px; height: 15px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="color: #000000; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">additional</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">operating</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">costs</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">and expenses</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">for</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">production</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">ramp-up</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">and raw material</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.15pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">procurement</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">costs;</font> </font></td>
</tr>
<tr style="height: 10px;">
<td style="text-align: right; padding: 1px 0px 7px; height: 10px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="padding: 1px 0px 7px; height: 10px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="color: #000000; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">general</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">and administrative</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.2pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">expenses</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">as Eve scales</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">its</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">operations;</font> </font></td>
</tr>
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<td style="text-align: right; padding: 1px 0px 7px; height: 10px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="padding: 1px 0px 7px; height: 10px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="color: #000000; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">interest</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">expense</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">from</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">any debt</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">financing</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">activities;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.15pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">and</font> </font></td>
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<td style="text-align: right; height: 15px; vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; line-height: inherit; display: inline !important;">&#8226;</font></td>
<td style="height: 15px; vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="top"><br></td>
<td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="color: #000000; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">selling</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">and distribution</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.15pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">expenses</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">as Eve builds,</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">brands</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">and markets</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">electric</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; line-height: inherit;">aircraft.</font> </font></td>
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<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eve intends to continue to use the proceeds received from the Business Combination and the PIPE Investment primarily to fund its research and development activities and other personnel costs, which are our business&#8217; principal uses of cash. In light of the significant number of redemptions that occurred during the business combination, the current trading price for shares of your common stock and the unlikelihood that we will receive significant proceeds from exercises of the warrants because of the disparity between the exercise price of the warrants and the current trading price of the common stock, these funds will likely not be sufficient to enable Eve to complete all necessary development of and commercially launch its eVTOL aircraft. Our future capital requirements will depend on many factors, including our revenue growth rate, the timing and the amount of cash received from our customers, the expansion of sales and marketing activities, and the timing and extent of spending to support development efforts. Until Eve generates sufficient operating cash flow to cover its operating expenses, working capital needs and planned capital expenditures, or if circumstances evolve differently than anticipated, Eve expects to utilize a combination of equity and debt financing to fund any future capital needs. Currently, no decision has been made as to specific sources of additional funding and Eve may explore different potential funding opportunities including potential long-term debt finance lines with private and public banks, advances and pre-delivery down payments from customers as well as equity and convertible lines. Eve may be unable to raise additional funds when needed on favorable terms or at all. The sale of securities by selling securityholders pursuant to the Prospectus could result in a significant decline in the public trading price of the common stock and could further decrease the likelihood of raising additional funds successfully. If Eve raises funds by issuing equity securities, dilution to stockholders may result. Any equity securities issued may also provide for rights, preferences, or privileges senior to those of holders of common stock. If Eve raises funds by issuing debt securities, these debt securities would have rights, preferences, and privileges senior to those of preferred and common stockholders. The terms of debt securities or borrowings could impose significant restrictions on our operations. The capital markets have in the past, and may in the future, experience periods of upheaval that could impact the availability and cost of equity and debt financing. </font></p>
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<div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px; line-height: 1.2;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In the event that Eve requires additional financing but is unable to raise additional capital or generate cash flows necessary to continue its research and development and invest in continued innovation, Eve may not be able to compete successfully, which would harm its business, results of operations, and financial condition. If adequate funds are not available, Eve may need to reconsider its expansion plans or limit its research and development activities, which could have a material adverse impact on our business prospects and results of operations. </font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt;"><font class='pageno'>70</font></font></td>
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<p class="ng-scope" style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;">The common stock and the common stock issuable upon redemption of resale securities noted above represent a substantial percentage of the total outstanding shares of common stock as of the date of this report. The common stock offered in our Prospectus represents in the aggregate approximately <font>96</font>% of the total outstanding shares of common stock, assuming all of the warrants have been exercised for common stock. The securities beneficially owned by EAH offered in our Prospectus represent over <font>90</font>% of the total outstanding shares of common stock. Additionally, if all of the warrants are exercised, including the new warrant exercised for <font>800,000</font> shares of common stock at Closing and the new warrants exercised for <font>2,722,536</font> shares of common stock on October 14, 2022, the selling securityholders, as defined in the Prospectus, would own <font>55,345,072</font> shares of common stock, representing <font>17.25</font>% of the total outstanding common stock. So long as the registration statement of which the Prospectus forms a part is effective, the sales of the securities being offered in the Prospectus could result in a significant decline in the public trading price of common stock; however, certain Strategic PIPE Investors entered into lock-up agreements with Zanite pursuant to which such Strategic PIPE Investors will be restricted from transferring certain new warrants issued at the Closing and the shares of common stock issued upon exercise of such new warrants until the date that is <font>two</font>, <font>three</font> or <font>five</font> years after the Closing Date. The Amended and Restated Registration Rights Agreement also contains a <font>three</font>-year lock-up period, pursuant to which, subject to certain exceptions, EAH, the Sponsor and certain other parties thereto will be restricted from transferring the shares of common stock and warrants they own immediately following the Closing until the date that is <font>three</font> years after the Closing Date. In addition, as referenced herein, certain shares of common stock will only be issued in connection with the achievement of certain milestones. If the market price for shares of common stock is less than the exercise price of a holder&#8217;s warrant (e.g., $<font>11.50</font> or $<font>15.00</font>), such holder would be selling at a loss if they sold their common stock. If the market price for shares of common stock is less than $<font>10.00</font> per share, holders of shares of common stock would be selling at a loss if they purchased the shares of common stock at $<font>10.00</font> per share. Because certain selling securityholders purchased shares privately at a price below the current market price, they may have an incentive to sell shares of their common stock because they could profit despite the market price of common stock falling below $<font>10.00</font> per share. For example, while certain of the Strategic Investors and parties to the Amended and Restated Registration Rights Agreement are currently subject to lock up restrictions as described herein, based on the closing price of common stock of $6.40 as of March 3, 2023, those Strategic Investors could make a potential profit of up to approximately <font>1.16</font> per share, or up to approximately $<font>60.2</font> million in the aggregate (after giving effect to the issuance of common stock issuable upon exercise of warrants), and the Sponsor could make a potential profit of up to approximately $<font>4.54</font> per share, or up to approximately $<font>37.4</font> million in the aggregate. While these selling securityholders may experience a positive rate of return based on the current market price, public securityholders may not experience similar rate of return on the securities they purchased due to differences in the purchase prices and the current market price.</p>
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<p style="margin: 0px; text-indent: 0px; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Cash Flows </font></p>
<p style="line-height: 6.5pt; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-indent: 0px; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The following </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">table </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">summarizes </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cash </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">flows </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">periods </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">indicated: </font></p>
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<td style="height: 17px; text-align: center; border-bottom: 0.75pt solid #000000 !important;" colspan="11"><font style="font-weight: bold; line-height: inherit;">Year Ended December 31, </font><br></td>
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<td style="height: 17px; text-align: center; border-bottom: 0.75pt solid #000000 !important;" colspan="2"><font style="font-weight: bold; font-size: 10pt; line-height: inherit;"><font>2022</font> </font><br></td>
<td style="text-align: center; border-bottom-width: 1px; height: 17px;"><br></td>
<td style="height: 17px; text-align: center; border-bottom-width: 1px;"><br></td>
<td style="height: 17px; text-align: center; border-bottom: 0.75pt solid #000000 !important;" colspan="2"><font style="font-weight: bold; font-size: 10pt; line-height: inherit;"><font>2021</font> </font><br></td>
<td style="text-align: center; border-bottom-width: 1px; height: 17px;"><br></td>
<td style="text-align: center; border-bottom-width: 1px; height: 17px;"><br></td>
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<td style="text-align: center; border-bottom: 1pt solid #000000; height: 17px;"><font style="font-weight: bold;"><font>2020</font></font><br></td>
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<td style="height: 17px; background-color: #cceeff;"><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">Net cash </font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">(used </font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">in) </font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">provided </font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">by operating </font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">activities </font></td>
<td style="height: 17px; border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</font></td>
<td style="height: 17px; text-align: right; border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(<font>59,457,546</font> </font></td>
<td style="border-bottom-width: 1px; height: 17px; padding: 1px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
<td style="height: 17px; border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="height: 17px; border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</font></td>
<td style="height: 17px; text-align: right; border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(<font>14,886,010</font> </font></td>
<td style="border-bottom-width: 1px; height: 17px; padding: 1px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
<td style="border-bottom-width: 1px; padding: 1px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom-width: 1px; padding: 1px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">$</td>
<td style="border-bottom-width: 1px; padding: 1px 0px; margin: 0px; text-indent: 0px; text-align: right; background-color: #cceeff; height: 17px;">(<font>9,028,789</font></td>
<td style="border-bottom-width: 1px; padding: 1px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 14px;">
<td style="height: 14px;"><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">Net cash </font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">(used </font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">in) </font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">provided </font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">by investing </font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">activities<font style="line-height: inherit;">&nbsp;</font> </font></td>
<td style="height: 14px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-align: right; height: 14px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(<font>258,476,465</font> </font></td>
<td style="height: 14px; padding: 1px 0px; margin: 0px; text-indent: 0px;">)</td>
<td style="height: 14px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="height: 14px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-align: right; height: 14px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font><font>&#8212;</font></font><br></td>
<td style="height: 14px; padding: 1px 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 1px 0px; margin: 0px; text-indent: 0px; height: 14px;"><br></td>
<td style="padding: 1px 0px; margin: 0px; text-indent: 0px; height: 14px;"><br></td>
<td style="padding: 1px 0px; margin: 0px; text-indent: 0px; text-align: right; height: 14px;"><font>&#8212;</font><br></td>
<td style="padding: 1px 0px; margin: 0px; text-indent: 0px; height: 14px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; width: 60%; background-color: #cceeff;"><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">Net cash </font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">(used </font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">in) </font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">provided </font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; letter-spacing: 0.05pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">by financing </font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; letter-spacing: 0.1pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; line-height: inherit;">activities </font></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; border-bottom: 0.75pt solid #000000 !important; background-color: #cceeff;"><br></td>
<td style="height: 10px; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 10%; border-bottom: 0.75pt solid #000000 !important; background-color: #cceeff;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font>352,703,551</font> </font><br></td>
<td style="border-bottom-width: 1px; height: 10px; padding: 1px 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;"><br></td>
<td style="height: 10px; border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 2%; background-color: #cceeff;"><br></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; border-bottom: 0.75pt solid #000000 !important; background-color: #cceeff;"><br></td>
<td style="height: 10px; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 10%; border-bottom: 1pt solid #000000; background-color: #cceeff;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font>29,262,533</font> </font><br></td>
<td style="border-bottom-width: 1px; height: 10px; padding: 1px 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;"><br></td>
<td style="border-bottom-width: 1px; padding: 1px 0px; margin: 0px; text-indent: 0px; width: 2%; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 1px 0px; margin: 0px; text-indent: 0px; width: 1%; border-bottom: 1pt solid #000000; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 1px 0px; margin: 0px; text-indent: 0px; width: 10%; text-align: right; border-bottom: 1pt solid #000000; background-color: #cceeff; height: 10px;"><font>9,028,789</font><br></td>
<td style="border-bottom-width: 1px; padding: 1px 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px;"><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; font-weight: bold; vertical-align: -0.5pt; line-height: inherit;">Net increase </font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; font-weight: bold; letter-spacing: 0.05pt; vertical-align: -0.5pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; font-weight: bold; vertical-align: -0.5pt; line-height: inherit;">(decrease) </font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; font-weight: bold; letter-spacing: 0.1pt; vertical-align: -0.5pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #231f20; font-family: 'Times New Roman'; font-weight: bold; vertical-align: -0.5pt; line-height: inherit;">in cash and cash equivalents </font></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 2.25pt double #000000 !important;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</font></td>
<td style="height: 10px; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 2.25pt double #000000 !important;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font>34,769,540</font> </font><br></td>
<td style="border-bottom-width: 1px; height: 10px; padding: 1px 0px 2px; margin: 0px; text-indent: 0px;"><br></td>
<td style="height: 10px; border-bottom-width: 1px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 2.25pt double #000000 !important;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</font><br></td>
<td style="height: 10px; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 2.25pt double #000000 !important;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font>14,376,523</font> </font><br></td>
<td style="border-bottom-width: 1px; height: 10px; padding: 1px 0px 2px; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom-width: 1px; padding: 1px 0px 2px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 1px 0px 2px; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; height: 10px;">$</td>
<td style="padding: 1px 0px 2px; margin: 0px; text-indent: 0px; text-align: right; border-bottom: 2.8pt double #000000; height: 10px;"><font>&#8212;</font><br></td>
<td style="border-bottom-width: 1px; padding: 1px 0px 2px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>

</table>
</div>
<p style="line-height: 13pt; margin: 0px; text-indent: 0px;"><br></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Net Cash Generated </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(Used) </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">by Operating </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Activities </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"><font>2022</font> Compared with <font>2021</font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net cash </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">used in operating </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">activities </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for the </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: 0.05pt; line-height: inherit;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">twelve months ended <font style="line-height: inherit;">December 31, 2022,</font></font> </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> was $<font>59.46</font> million </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">versus </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">net </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cash </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">used of $<font>14.89</font> million </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the <font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">twelve months ended <font style="line-height: inherit;">December 31, 2021</font></font></font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, with the </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">change </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">resulting </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">principally </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: 0.1pt; line-height: inherit;">from <font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; color: #231f20; letter-spacing: 0.1pt; line-height: inherit;" lang="EN-US">an increase </font><font style="font-size: 10pt; color: #231f20; line-height: inherit;" lang="EN-US">in research and development expenses in <font>2022</font>, as compared to <font>2021</font>, <font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #231f20; letter-spacing: 0.1pt; line-height: inherit;" lang="EN-US">partially compensated by higher accounts payable to ERJ.</font> </font> </font></font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Net Cash Used in Investing </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Activities </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"><font>2022</font> Compared with <font>2021</font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net cash </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">used in investing </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">activities </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for the </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: 0.05pt; line-height: inherit;"> <font style="line-height: inherit;">year ended December 31, 2022,</font> </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">was $<font>258.48</font> million </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">compared to no use of </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">net </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cash </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: 0.05pt; line-height: inherit;"> by investing activities </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the <font><font>twelve</font></font><font style="line-height: inherit;"> months ended December 31, 2021.</font> </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: 0.1pt; line-height: inherit;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font lang="EN-US">The change results principally from the investment of proceeds from the business combination with Zanite Acquisition Corp. and from PIPE investments in interest-bearing marketable securities <font style="line-height: inherit;"><font lang="EN-US">and a related-party loan of $<font>82.65</font> million to Embraer Aircraft Holdings (EAH) </font> </font> in <font>2022</font>. </font> </font></font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; </font></p>
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<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
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<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>71</font></font></td>
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<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px; line-height: 1.2;">
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Net Cash Generated </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(Used) </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">by Financing Activities </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"><font>2022</font> Compared with <font>2021</font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net cash </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provided </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by financing </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">activities </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for the </font><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">twelve months ended <font style="line-height: inherit;">December 31, 2022,</font> </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> was $<font>352.70</font> million, </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">compared </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to $<font>29.26</font> million </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the <font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">twelve months ended <font style="line-height: inherit;">December 31, 2021</font></font>. <font style="font-size: 10pt; font-family: 'times new roman', times; color: #231f20; line-height: inherit;" lang="EN-US">This increase is mainly attributable to the cash proceeds at the closing of our business combination with Zanite Acquisition Corp., the subsequent listing of our stock in the New York Stock Exchange and from strategic PIPE (Private Investment in Public Equity) investors <font lang="EN-US">as well as the United Investment of $<font>15</font> million</font>, net of equity issuance costs.</font> </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of&nbsp;<font>December 31, 2022</font></font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we had no <font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #231f20; line-height: inherit;" lang="EN-US">outstanding </font>debt </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on our balance </font> <font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sheet. </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><br></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Off-Balance&nbsp; </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Sheet Arrangements </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For additional information on off-balance sheet items as of <font style="border-left: medium none; border-right: medium none; line-height: inherit;">December 31, 2022, </font></font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">please refer to Note <font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font><font>20</font></font></font>.</font><br></font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 9.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Critical&nbsp; </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting Policies&nbsp; </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">and Estimates </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 7pt; line-height: inherit;">&nbsp;</font><br></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Use of Estimates </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The preparation of the audited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent liabilities, and the reported amounts of expenses during the reporting period. Eve&#8217;s estimates are based on our historical experience and on various other factors that Eve believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions and any such differences may be material. </font></p>
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<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font>While Eve&#8217;s significant accounting policies are described in more detail in Note <font>2</font> to Eve<font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;">&#8217;</font></font>s audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K, Eve believes the following accounting policies and estimates to be critical to the preparation of Eve<font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-weight: normal; line-height: inherit;">&#8217;</font></font>s audited consolidated financial statements. </font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
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<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>72</font></font></td>
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<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"><br></font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Carve-out&nbsp; </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">allocation </font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-family: 'Times New Roman', serif; font-size: 10pt; text-indent: 20pt; line-height: 1.2; margin: 0cm; text-align: justify;"><font lang="EN-US"><font style="font-family: 'times new roman', times;">Eve Sub has historically operated as part of ERJ and not as a stand-alone company. The audited <font style="letter-spacing: 0.05pt; line-height: inherit;">consolidated&nbsp;</font>financial statements are derived from ERJ&#8217;s&nbsp;consolidated financial statements and historical accounting records and are presented on a carve-out basis for all historical periods, except for the<font>&nbsp;<font>twelve</font></font>-months period ended <font style="color: #231f20; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">December 31,</font> </font><font>2022</font><font style="font-family: 'times new roman', times;">.</font><font><font style="font-family: 'times new roman', times;"> The statement of operations also includes allocations of certain general and administrative expenses from ERJ&#8217;s corporate office for the<font>&nbsp;<font>twelve</font></font>-month period ended <font style="color: #231f20; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">December 31,</font> </font><font>2022</font><font style="font-family: 'times new roman', times;">. These general and administrative expenses are comprised of general overhead expenses that separate from and in addition to any such expenses incurred pursuant to the MSA or SSA.</font></font> </font></p>
<p style="font-family: 'Times New Roman', serif; font-size: 12pt; text-indent: 20pt; line-height: 12pt; margin: 0cm; text-align: justify;"><font style="font-size: 10pt; color: #231f20; letter-spacing: 0.05pt; line-height: inherit;" lang="EN-US">&nbsp;</font></p>
<p style="font-family: 'Times New Roman', serif; font-size: 10pt; text-indent: 20pt; line-height: 1.2; margin: 0cm; text-align: justify;"><font style="font-size: 10pt; color: #231f20; letter-spacing: 0.05pt; line-height: inherit;" lang="EN-US">The allocations of these expenses have been determined on a reasonable basis; however, the amounts are not necessarily representative of the amounts that would have been reflected in the financial statements had Eve Sub been an entity that operated independently of ERJ during the applicable period. </font></p>
<p style="font-family: 'Times New Roman', serif; font-size: 12pt; text-indent: 20pt; line-height: 12pt; margin: 0cm; text-align: justify;"><font style="font-size: 10pt; color: #231f20; letter-spacing: 0.05pt; line-height: inherit;" lang="EN-US">&nbsp;</font></p>
<p style="font-family: 'Times New Roman', serif; font-size: 10pt; text-indent: 20pt; line-height: 1.2; margin: 0cm; text-align: justify;"><font style="font-size: 10pt; color: #231f20; line-height: inherit;" lang="EN-US">The audited consolidated financial statements reflect the historical results of operations, financial position, and cash flows of Eve, in conformity with GAAP. The audited consolidated financial information includes both direct and indirect expenses. </font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><br></p>
<p style="margin: 0px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><font color="#231f20"><font style="font-size: 13.3333px; line-height: inherit;"><i>New Warrants</i> </font></font></p>
<p style="font-family: 'times new roman', times; font-size: 13.3333px; margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><font style="font-family: Calibri; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-family: 'Times New Roman', serif; font-size: 10pt; text-indent: 20pt; line-height: 1.2; margin: 0cm; text-align: justify;"><font style="font-size: 10pt; color: #231f20; line-height: inherit;" lang="EN-US">The accounting for the new warrants issued to potential&nbsp;customers and suppliers required a significant effort from Management, <!--StartFragment --><font>especially</font><!--EndFragment --> in regards to (i) the identification of which accounting guidance they fall under, (ii) the classification in the balance sheet as well as the correct presentation in the statement of operations, (iii) initial recognition date, and (iv) measurement. </font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px; line-height: 1.2; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Recent Accounting Pronouncements </font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-family: 'Times New Roman', serif; font-size: 10pt; text-indent: 20pt; line-height: 1.2; margin: 0cm; text-align: justify;"><font style="font-size: 10pt; color: #231f20; letter-spacing: 0.1pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; color: #231f20; font-family: 'Times New Roman', serif; line-height: inherit;">See Note <font style="line-height: inherit;"><font><font>2</font></font></font> of our Audited Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K for more information regarding recently issued accounting pronouncements. </font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><br></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px; line-height: 1.2; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Credit&nbsp; </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Risk </font></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-family: 'Times New Roman', serif; font-size: 10pt; text-indent: 20pt; line-height: 1.2; margin: 0cm; text-align: justify;"><font>Financial instruments, which subjects Eve to concentrations of credit risk, consist primarily of cash, cash equivalents, financial investments and derivative financial instruments. Eve&#8217;s cash and cash equivalents and financial investments are held at major financial institutions located in the United States of America and Brazil. At times, cash account balances with any <font>one</font> financial institution may exceed Federal Deposit Insurance Corporation insurance limits ($<font>250,000</font> per depositor per institution). Management believes the financial institutions that hold Eve&#8217;s cash and cash equivalents and financial investments are financially sound and, accordingly, minimal credit risk exists with respect to cash and cash equivalents and financial investments. </font></p>
<p style="font-family: 'Times New Roman', serif; font-size: 10pt; text-indent: 20pt; line-height: 1.2; margin: 0cm; text-align: justify;"><font><br></font></p>
<p style="font-family: 'Times New Roman', serif; font-size: 10pt; text-indent: 20pt; line-height: 1.2; margin: 0cm; text-align: justify;"><font>Eve also performs ongoing evaluation of the counterparty of our Intercompany Loan.<br></font></p>
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<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>73</font></font></td>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Emerging&nbsp; </font><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Growth Company Status&nbsp; </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 6.5pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font style="color: #231f20; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font lang="EN-US">We are an &#8220;emerging growth company,&#8221; as defined in Section <font>2</font>(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of <font>2012</font> (the &#8220;JOBS Act&#8221;). Section <font>107</font>(b) of the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the extended transition period to comply with new or revised accounting standards and to adopt certain of the reduced disclosure requirements available to emerging growth companies. As a result of the accounting standards election, we are not subject to the same implementation timeline for new or revised accounting standards as other public companies that are not emerging growth companies which may make comparison of our financials to those of other public companies more difficult.&nbsp;</font> </font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font>We also take advantage of some of the reduced regulatory and reporting requirements of emerging growth companies pursuant to the JOBS Act, including, but not limited to, not being required to comply with the auditor attestation requirements of Section <font>404</font>(b) of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation, and exemptions from the requirements of holding non-binding advisory votes on executive compensation and golden parachute payments. </font></p>
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<p class="ng-scope" style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 20pt; text-align: justify;"><font>We will lose our emerging growth company status and become subject to the SEC&#8217;s internal control over financial reporting management and auditor attestation requirements upon the earlier of (<font>1</font>) the last day of the fiscal year (a) following the fifth anniversary of the date of the completion of our IPO, (b) in which we have total annual gross revenue of at least $<font>1.07</font> billion or (c) in which we are deemed to be a large accelerated filer, which requires the market value of our Common Stock that are held by non-affiliates to exceed $<font>700</font> million as of the prior June 30th</font>, and (<font>2</font>) the date on which we have issued more than $<font>1.0</font> billion in non-convertible debt during the prior <font>three</font> year period.</p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt;"><font class='pageno'>74</font></font></td>
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<div style="margin: 0pt 0px 0pt 0pt; text-align: justify; text-indent: 0pt; font-weight: bold; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Item 7.A.</font></div>
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<div style="margin: 0pt 0px 0pt 0pt; text-align: justify; text-indent: 0pt; font-weight: bold; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bttccff_QW44ANXCWG00000000000000000000"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0%; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; line-height: inherit;">Quantitative and Qualitative Disclosures About Market Risk</font></a></font></div>
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<p style="margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif; color: #000000; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif; color: #000000; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="color: windowtext; line-height: inherit;" lang="EN-US">Interest Rate Risk</font></b></font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b></b></font></p>
<p style="margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif; color: #000000; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="color: windowtext; line-height: inherit;" lang="EN-US"><br></font></b></font></p>
<p style="text-indent: 20pt; margin: 0pt 0pt 10pt; font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000; line-height: 1.2; text-align: justify;"><font lang="EN-US">We are exposed to market risk for changes in the Brazilian interbank interest rate CDI, applicable to our cash equivalent and financial investments in Brazil, that was invested in Bank Deposit Certificates (&#8220;CDB&#8221;) which are financial instruments issued by financial institutions in Brazil, available for redemption in up to <font>90</font> days. As of December 31, 2022, approximately <font>1.97</font>% of our consolidated cash, cash equivalents and financial investments were indexed to the variation of the CDI rate. </font></p>
<p style="text-indent: 20pt; margin: 0pt 0pt 10pt; font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: windowtext; line-height: inherit;" lang="EN-US">The CDI rate is an average of interbank overnight rates in Brazil.</font> <font style="color: windowtext; line-height: inherit;" lang="EN-US">The risk arises from the possibility of the Company incurring decrease on financial income of financial investment due fluctuations in Brazilian interest rate.</font></font></p>
<p style="text-indent: 20pt; margin: 0pt 0pt 10pt; font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000; line-height: 1.2; text-align: justify;"><font style="font-size: 10pt; color: windowtext; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US">Our investment policy is focused on the preservation of capital and supporting its liquidity needs. The Company&#8217;s policy for managing the risk of fluctuations in interest rates on financial investments is to maintain a system to measure market risk, which consists of an aggregate analysis of variety of risk factors that might affect the return of those investments.</font></p>
<p style="text-indent: 20pt; margin: 0pt 0pt 10pt; font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;" lang="EN-US">The exposure to interest rate risk as of December 31, 2022, is as<font style="line-height: inherit;"> follows:</font></font></p>
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<td style="height: 34px; width: 22.0258%;"><br></td>
<td style="height: 34px; width: 1.01971%;"><br></td>
<td style="height: 34px; width: 9.04147%;"><br></td>
<td style="height: 34px; width: 0.747783%;"><br></td>
<td style="height: 34px; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); width: 11.2169%;"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Amounts exposed as of <font>December 31, 2022</font></font></td>
<td style="height: 34px; border-bottom-width: 1px; width: 1.01971%;"><br></td>
<td style="height: 34px; text-align: center; border-bottom: 1px solid #000000; vertical-align: bottom; width: 9.9932%;" valign="bottom"><font>-<font>50</font>%</font></td>
<td style="height: 34px; border-bottom-width: 1px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="height: 34px; text-align: center; border-bottom: 1px solid #000000; vertical-align: bottom; width: 9.9932%;" valign="bottom"><font>-<font>25</font>%</font></td>
<td style="height: 34px; border-bottom-width: 1px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="height: 34px; text-align: center; border-bottom: 1px solid #000000; vertical-align: bottom; width: 9.9932%;" valign="bottom"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Probable scenario</font></td>
<td style="height: 34px; border-bottom-width: 1px; width: 1.01971%;"><br></td>
<td style="height: 34px; text-align: center; border-bottom: 1px solid #000000; vertical-align: bottom; width: 9.9932%;" valign="bottom"><font><font>25</font>%</font></td>
<td style="height: 34px; border-bottom-width: 1px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="height: 34px; text-align: center; border-bottom: 1px solid #000000; vertical-align: bottom; width: 9.9932%;" valign="bottom"><font><font>50</font>%</font></td>
<td style="height: 34px; width: 1.01971%;"><br></td>
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<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 22.0258%; height: 17px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash equivalents and financial investments</font></td>
<td style="width: 1.01971%; height: 17px; background-color: #cceeff;"><br></td>
<td style="width: 9.04147%; height: 17px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI</font></td>
<td style="width: 0.747783%; height: 17px; background-color: rgb(204, 238, 255);"><br></td>
<td style="width: 11.2169%; height: 17px; text-align: right; border-bottom: 1pt solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font>4,483,260</font></td>
<td style="width: 1.01971%; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="width: 9.9932%; height: 17px; text-align: right; border-bottom: 1pt solid #000000; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font>303,741</font></td>
<td style="width: 1.01971%; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="width: 9.9932%; height: 17px; text-align: right; border-bottom: 1pt solid #000000; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font>149,629</font></td>
<td style="width: 1.01971%; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="width: 9.9932%; height: 17px; text-align: right; border-bottom: 1pt solid #000000; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>4,483</font></td>
<td style="width: 1.01971%; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="width: 9.9932%; height: 17px; text-align: right; border-bottom: 1pt solid #000000; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>158,595</font></td>
<td style="width: 1.01971%; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="width: 9.9932%; height: 17px; text-align: right; border-bottom: 1pt solid #000000; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>312,707</font></td>
<td style="width: 1.01971%; height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
</tr>
<tr style="height: 15px;">
<td style="width: 22.0258%; height: 15px;"><br></td>
<td style="width: 1.01971%; height: 15px;"><br></td>
<td style="width: 9.04147%; height: 15px;"><br></td>
<td style="width: 0.747783%; height: 15px;"><br></td>
<td style="text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 11.2169%; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.01971%; height: 15px;"><br></td>
<td style="text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.9932%; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.01971%; height: 15px;"><br></td>
<td style="text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.9932%; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.01971%; height: 15px;"><br></td>
<td style="text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.9932%; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.01971%; height: 15px;"><br></td>
<td style="text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.9932%; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.01971%; height: 15px;"><br></td>
<td style="text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.9932%; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.01971%; height: 15px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; background-color: #cceeff; width: 22.0258%;"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net impact</font></td>
<td style="height: 10px; background-color: #cceeff; width: 1.01971%;"><br></td>
<td style="height: 10px; background-color: rgb(204, 238, 255); font-weight: bold; width: 9.04147%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI</font></td>
<td style="height: 10px; background-color: rgb(204, 238, 255); width: 0.747783%;"><br></td>
<td style="height: 10px; text-align: right; background-color: rgb(204, 238, 255); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 11.2169%;"><font>4,483,260</font></td>
<td style="height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.01971%;"><br></td>
<td style="height: 10px; text-align: right; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.9932%;"><font>303,741</font></td>
<td style="height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.01971%;"><br></td>
<td style="height: 10px; text-align: right; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.9932%;"><font>149,629</font></td>
<td style="height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.01971%;"><br></td>
<td style="height: 10px; text-align: right; background-color: #cceeff; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.9932%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>4,483</font></td>
<td style="height: 10px; background-color: #cceeff; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.01971%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="height: 10px; text-align: right; background-color: #cceeff; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.9932%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>158,595</font></td>
<td style="height: 10px; background-color: #cceeff; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.01971%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="height: 10px; text-align: right; background-color: #cceeff; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.9932%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>312,707</font></td>
<td style="height: 10px; background-color: #cceeff; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.01971%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; width: 22.0258%;"><br></td>
<td style="height: 17px; width: 1.01971%;"><br></td>
<td style="height: 17px; width: 9.04147%;"><br></td>
<td style="height: 17px; width: 0.747783%;"><br></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 11.2169%;"><br></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.01971%;"><br></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.9932%;"><br></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.01971%;"><br></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.9932%;"><br></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.01971%;"><br></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.9932%;"><br></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.01971%;"><br></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.9932%;"><br></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.01971%;"><br></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.9932%;"><br></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.01971%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; width: 22.0258%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Rates considered</font></td>
<td style="height: 17px; background-color: #cceeff; width: 1.01971%;"><br></td>
<td style="height: 17px; background-color: rgb(204, 238, 255); width: 9.04147%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI</font></td>
<td style="height: 17px; background-color: rgb(204, 238, 255); width: 0.747783%;"><br></td>
<td style="height: 17px; text-align: right; background-color: rgb(204, 238, 255); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 11.2169%;"><font>13.65</font></td>
<td style="height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.01971%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">%</font><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.9932%;"><font>6.88</font></td>
<td style="height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.01971%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">%</font><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.9932%;"><font>10.31</font></td>
<td style="height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.01971%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">%</font><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.9932%;"><font>13.75</font></td>
<td style="height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.01971%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">%</font><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.9932%;"><font>17.19</font></td>
<td style="height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.01971%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">%</font><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.9932%;"><font>20.63</font></td>
<td style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; width: 1.01971%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">%</font><br></td>
</tr>

</table>
</div>
<p style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000; line-height: 1.2; text-align: justify;;margin:0pt"><br></p>
<p style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000; line-height: 1.2; text-align: justify; text-indent: 20pt; margin: 0pt 0pt 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000; line-height: inherit;">The positive and negative variations of 25% and 50% were applied on the most probable scenario rate.<br></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt;"><font class='pageno'>75</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br></div>
</div>
<p style="margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif; color: #000000; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="color: windowtext; line-height: inherit;" lang="EN-US"><br></font></b></font></p>
<p style="margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif; color: #000000; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="color: windowtext; line-height: inherit;" lang="EN-US">Foreign Currency Risk </font></b></font></p>
<p style="margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif; color: #000000; line-height: 1.2;"><font style="font-size: 10pt; color: windowtext; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US">&nbsp;</font></p>
<p style="text-indent: 20pt; margin: 0pt 0pt 10pt; font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000; line-height: 1.2; text-align: justify;"><font lang="EN-US">The Company&#8217;s operations most exposed to foreign exchange gains/losses are those denominated in <i>Reais</i> (labor costs, tax issues, local expenses and financial investments) arising from the subsidiary located in Brazil. The relationship of the <i>real</i> to the value of the U.S. dollar, may adversely affect us, mainly due to the factor that <font>3</font>% of total assets and <font>17</font>% of total liabilities are in <i>reais</i>.</font></p>
<p style="text-indent: 20pt; margin: 0pt 0pt 10pt; font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000; line-height: 1.2; text-align: justify;"><font lang="EN-US">The Brazilian currency has, during the last decades, experienced frequent and substantial variations in relation to the U.S. dollar and other foreign currencies. During 2022, the<i> real</i>&nbsp;appreciated against the U.S. dollar in comparison to December 31, 2021, reaching R$<font>5.2171</font> per US$<font>1.00</font> as of December 31, 2022.</font></p>
<p style="text-indent: 20pt; margin: 0pt 0pt 10pt; font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000; line-height: 1.2; text-align: justify;"><font style="text-indent: 20pt; margin: 0pt 0pt 10pt; line-height: inherit; text-align: justify; font-family: 'times new roman', times; font-size: 10pt;" lang="EN-US"><font style="color: #000000; line-height: inherit;">The exposure of the financial instruments to foreign currency risk as of December 31, 2022, is as follows:</font></font></p>
<div>
<table style="height: 162px; width: 100%; margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">

<tr style="height: 34px;">
<td style="height: 34px; width: 22.0258%;"><br></td>
<td style="height: 34px; width: 1.01971%;"><br></td>
<td style="height: 34px; width: 8.29368%;"><br></td>
<td style="height: 34px; width: 1.22365%;"><br></td>
<td style="height: 34px; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); width: 11.8287%;"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Amounts exposed as of <font>December 31, 2022</font></font></td>
<td style="height: 34px; border-bottom-width: 1px; width: 0.67981%;"><br></td>
<td style="height: 34px; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9.9932%;" valign="bottom"><font>-<font>50</font>%</font></td>
<td style="height: 34px; border-bottom-width: 1px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="height: 34px; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9.9932%;" valign="bottom"><font>-<font>25</font>%</font></td>
<td style="height: 34px; border-bottom-width: 1px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="height: 34px; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9.9932%;" valign="bottom"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Probable scenario</font></td>
<td style="height: 34px; border-bottom-width: 1px; width: 1.01971%;"><br></td>
<td style="height: 34px; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9.9932%;" valign="bottom"><font><font>25</font>%</font></td>
<td style="height: 34px; border-bottom-width: 1px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="height: 34px; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9.9932%;" valign="bottom"><font><font>50</font>%</font></td>
<td style="height: 34px; width: 1.01971%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 22.0258%; height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Assets</font></td>
<td style="width: 1.01971%; height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom"><br></td>
<td style="width: 8.29368%; height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom"><br></td>
<td style="width: 1.22365%; height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom"><br></td>
<td style="width: 11.8287%; text-align: right; border-bottom-width: 1px; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom"><br></td>
<td style="width: 0.67981%; border-bottom-width: 1px; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom"><br></td>
<td style="width: 9.9932%; text-align: right; border-bottom-width: 1px; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom"><br></td>
<td style="width: 1.01971%; border-bottom-width: 1px; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom"><br></td>
<td style="width: 9.9932%; text-align: right; border-bottom-width: 1px; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom"><br></td>
<td style="width: 1.01971%; border-bottom-width: 1px; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom"><br></td>
<td style="width: 9.9932%; text-align: right; border-bottom-width: 1px; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom"><br></td>
<td style="width: 1.01971%; border-bottom-width: 1px; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom"><br></td>
<td style="width: 9.9932%; text-align: right; border-bottom-width: 1px; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom"><br></td>
<td style="width: 1.01971%; border-bottom-width: 1px; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom"><br></td>
<td style="width: 9.9932%; text-align: right; border-bottom-width: 1px; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom"><br></td>
<td style="width: 1.01971%; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 10px;">
<td style="width: 22.0258%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash equivalents and financial investments</font></td>
<td style="width: 1.01971%; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="width: 8.29368%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL</font></td>
<td style="width: 1.22365%; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="width: 11.8287%; height: 10px; text-align: right; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><font>4,564,823</font></td>
<td style="width: 0.67981%; height: 10px; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="width: 9.9932%; height: 10px; text-align: right; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><font>2,246,144</font></td>
<td style="width: 1.01971%; height: 10px; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="width: 9.9932%; height: 10px; text-align: right; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><font>1,086,804</font></td>
<td style="width: 1.01971%; height: 10px; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="width: 9.9932%; height: 10px; text-align: right; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>72,535</font></td>
<td style="width: 1.01971%; height: 10px; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="width: 9.9932%; height: 10px; text-align: right; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>1,231,875</font></td>
<td style="width: 1.01971%; height: 10px; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="width: 9.9932%; height: 10px; text-align: right; border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>2,391,214</font></td>
<td style="width: 1.01971%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 22.0258%;" valign="bottom"><br></td>
<td style="height: 10px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="height: 10px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 8.29368%;" valign="bottom"><br></td>
<td style="height: 10px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1.22365%;" valign="bottom"><br></td>
<td style="height: 10px; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 11.8287%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font>4,564,823</font></font></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.67981%;" valign="bottom"><br></td>
<td style="height: 10px; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 9.9932%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font>2,246,144</font></font></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="height: 10px; text-align: right; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 9.9932%;" valign="bottom"><font>1,086,804</font></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="height: 10px; text-align: right; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 9.9932%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>72,535</font></td>
<td style="height: 10px; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1.01971%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="height: 10px; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 9.9932%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(<font>1,231,875</font></font></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1.01971%;" valign="bottom"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="height: 10px; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 9.9932%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(<font>2,391,214</font></font></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1.01971%;" valign="bottom"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: bottom; width: 22.0258%;" valign="bottom"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Liabilities</font></td>
<td style="height: 10px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="height: 10px; vertical-align: bottom; width: 8.29368%;" valign="bottom"><br></td>
<td style="height: 10px; vertical-align: bottom; width: 1.22365%;" valign="bottom"><br></td>
<td style="text-align: right; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 11.8287%;" valign="bottom"><br></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.67981%;" valign="bottom"><br></td>
<td style="text-align: right; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.9932%;" valign="bottom"><br></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="text-align: right; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.9932%;" valign="bottom"><br></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="text-align: right; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.9932%;" valign="bottom"><br></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="text-align: right; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.9932%;" valign="bottom"><br></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="text-align: right; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.9932%;" valign="bottom"><br></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 22.0258%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other payables<br></font></td>
<td style="height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 8.29368%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL</font></td>
<td style="height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1.22365%;" valign="bottom"><br></td>
<td style="text-align: right; height: 17px; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 11.8287%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>3,623,102</font></td>
<td style="height: 17px; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.67981%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="text-align: right; height: 17px; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 9.9932%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>1,782,765</font></td>
<td style="height: 17px; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1.01971%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="text-align: right; height: 17px; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 9.9932%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>862,597</font></td>
<td style="height: 17px; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1.01971%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="text-align: right; height: 17px; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 9.9932%;" valign="bottom"><font>57,571</font></td>
<td style="height: 17px; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="text-align: right; height: 17px; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 9.9932%;" valign="bottom"><font>977,740</font></td>
<td style="height: 17px; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="text-align: right; height: 17px; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 9.9932%;" valign="bottom"><font>1,897,908</font></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; vertical-align: bottom; width: 22.0258%;" valign="bottom"><br></td>
<td style="height: 17px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="height: 17px; vertical-align: bottom; width: 8.29368%;" valign="bottom"><br></td>
<td style="height: 17px; vertical-align: bottom; width: 1.22365%;" valign="bottom"><br></td>
<td style="text-align: right; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 11.8287%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(<font>3,623,102</font></font></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.67981%;" valign="bottom"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="text-align: right; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.9932%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(<font>1,782,765</font></font></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="text-align: right; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.9932%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(<font>862,597</font></font></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="text-align: right; height: 17px; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.9932%;" valign="bottom"><font>57,571</font></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="text-align: right; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.9932%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font>977,740</font></font></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="text-align: right; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.9932%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font>1,897,908</font></font></td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 22.0258%;" valign="bottom"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net impact</font></td>
<td style="height: 10px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="height: 10px; font-weight: bold; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 8.29368%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL</font><br></td>
<td style="height: 10px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1.22365%;" valign="bottom"><br></td>
<td style="text-align: right; height: 10px; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 11.8287%;" valign="bottom"><font>941,721</font></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.67981%;" valign="bottom"></td>
<td style="text-align: right; height: 10px; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 9.9932%;" valign="bottom"><font>463,379</font></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1.01971%;" valign="bottom"></td>
<td style="text-align: right; height: 10px; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 9.9932%;" valign="bottom"><font>224,207</font></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1.01971%;" valign="bottom"></td>
<td style="text-align: right; height: 10px; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 9.9932%;" valign="bottom">(<font>14,964</font>)</td>
<td style="height: 10px; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1.01971%;" valign="bottom"></td>
<td style="text-align: right; height: 10px; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 9.9932%;" valign="bottom">(<font>254,135</font>)</td>
<td style="height: 10px; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1.01971%;" valign="bottom"></td>
<td style="text-align: right; height: 10px; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 9.9932%;" valign="bottom">(<font>493,306</font>)</td>
<td style="height: 10px; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1.01971%;" valign="bottom"></td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: bottom; width: 22.0258%;" valign="bottom"><br></td>
<td style="height: 10px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="height: 10px; vertical-align: bottom; width: 8.29368%;" valign="bottom"><br></td>
<td style="height: 10px; vertical-align: bottom; width: 1.22365%;" valign="bottom"><br></td>
<td style="text-align: right; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 11.8287%;" valign="bottom"><font>5.2171</font></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.67981%;" valign="bottom"><br></td>
<td style="text-align: right; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.9932%;" valign="bottom"><font>2.6500</font></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="text-align: right; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.9932%;" valign="bottom"><font>3.9750</font></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="text-align: right; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.9932%;" valign="bottom"><font>5.3000</font></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="text-align: right; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.9932%;" valign="bottom"><font>6.6250</font></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
<td style="text-align: right; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.9932%;" valign="bottom"><font>7.9500</font></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.01971%;" valign="bottom"><br></td>
</tr>

</table>
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<p style="text-indent: 20pt; margin: 0pt 0pt 10pt; line-height: 1.2; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000; line-height: inherit;">The positive and negative variations of 25% and 50% were applied on the most probable scenario rate.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>76</font></font></td>
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<div style="font-family: 'times new roman', times; font-size: 10pt; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#8203;Index&nbsp;to Consolidated Financial Statements</font></div>
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<td style="width: 591.172px; text-align: left; height: 17px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="#BA_RUDXFPKT3K00000000000000000000">Report of Independent Registered Public Accounting Firm</a> (PCAOB ID </font><font>185</font><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td class="bmpageno" style="width: 78.125px; height: 17px;">78</td>
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<td style="width: 591.172px; text-align: left; height: 17px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="#BB_SH0PITW49C00000000000000000000">Consolidated Balance Sheets</a></font></td>
<td class="bmpageno" style="width: 78.125px; height: 17px;">F-2</td>
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<td style="width: 591.172px; text-align: left; height: 17px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="#BC_YAQAMQDE4G00000000000000000000">Consolidated Statements of Operations</a></font></td>
<td class="bmpageno" style="width: 78.125px; height: 17px;">F-2</td>
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<td style="width: 591.172px; text-align: left; height: 17px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="#BD_05JRRYD1R400000000000000000000">Consolidated Statements of Comprehensive Loss</a></font></td>
<td class="bmpageno" style="width: 78.125px; height: 17px;">F-3</td>
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<td style="width: 591.172px; text-align: left; height: 17px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="#BE_M65WY0JOW000000000000000000000">Consolidated Statements of Changes in Stockholders</a></font><font style="font-size: 10pt; font-family: 'times new roman', times; color: #0000ff;"><a style="color: #0000ff;" href="#BE_M65WY0JOW000000000000000000000"><font style="font-size: 10pt; font-family: 'Times New Roman', serif;" lang="EN-US">&#8217;</font></a></font><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="#BE_M65WY0JOW000000000000000000000">&nbsp;Equity</a></font></td>
<td class="bmpageno" style="width: 78.125px; height: 17px;">F-4</td>
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<td style="width: 591.172px; text-align: left; height: 17px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="#BF_32EHEQ1ZUO00000000000000000000">Consolidated Statements of Cash Flows</a></font></td>
<td class="bmpageno" style="width: 78.125px; height: 17px;">F-5</td>
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<td style="width: 591.172px; text-align: left; height: 17px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="#BG_M52GSD9O1S00000000000000000000">Notes to Consolidated Financial Statements</a></font></td>
<td class="bmpageno" style="width: 78.125px; height: 17px;">F-7</td>
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<div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px;"><br></div>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt;"><font class='pageno'>77</font></font></td>
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<p style="margin: 0px; font-size: 10pt; font-family: Arial, 'sans-serif'; font-weight: bold; text-indent: 0px; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;" lang="EN-US"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: currentcolor none medium; pointer-events: none;" href="#TOC" name="BA_RUDXFPKT3K00000000000000000000">Report of Independent Registered Public Accounting Firm</a></font></p>
<p style="margin: 0px; font-size: 10pt; font-family: 'Arial MT', 'sans-serif'; text-align: left; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font lang="EN-US">&nbsp;</font></b></font></p>
<p style="margin: 0px; line-height: 1.2; font-size: 10pt; font-family: 'Arial MT', 'sans-serif'; text-align: left; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">To the Stockholders and Board and Directors </font></p>
<p style="margin: 0px; line-height: 1.2; font-size: 10pt; font-family: 'Arial MT', 'sans-serif'; text-align: left; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">Eve Holding, Inc.:</font></p>
<p style="margin: 0px; font-size: 10pt; font-family: 'Arial MT', 'sans-serif'; text-align: left; text-indent: 0px; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">&nbsp;</font></p>
<p style="margin: 0pt 0pt 5pt; font-size: 11pt; font-family: 'Arial MT', 'sans-serif'; text-align: left; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><i style="mso-bidi-font-style: normal;"><font style="line-height: inherit;" lang="EN-US">Opinion on the Consolidated Financial Statements</font></i></font></p>
<p style="margin: 0px; line-height: 1.2; font-size: 10pt; font-family: 'Arial MT', 'sans-serif'; text-align: left; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">We have audited the accompanying consolidated balance sheet of Eve Holding, Inc. (Formerly EVE UAM, LLC) and subsidiaries (the Company) as of December 31, 2022, the related consolidated statement of operations, comprehensive loss, changes in stockholders&#8217; equity, and cash flow for the year then ended December 31, 2022, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022, and the results of its operations and its cash flow for the period ended December 31, 2022, in conformity with U.S. generally accepted accounting principles.</font></p>
<p style="margin: 0px; font-size: 10pt; font-family: 'Arial MT', 'sans-serif'; text-align: left; text-indent: 0px; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">&nbsp;</font></p>
<p style="margin: 0pt 0pt 5pt; font-size: 11pt; font-family: 'Arial MT', 'sans-serif'; text-align: left; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><i style="mso-bidi-font-style: normal;"><font style="line-height: inherit;" lang="EN-US">Basis for Opinion</font></i></font></p>
<p style="margin: 0px; line-height: 1.2; font-size: 10pt; font-family: 'Arial MT', 'sans-serif'; text-align: left; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">These consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</font></p>
<p style="margin: 0px; font-size: 10pt; font-family: 'Arial MT', 'sans-serif'; text-align: left; text-indent: 0px; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">&nbsp;</font></p>
<p style="margin: 0px; line-height: 1.2; font-size: 10pt; font-family: 'Arial MT', 'sans-serif'; text-align: left; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. </font><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.</font></p>
<p style="margin: 0px; font-size: 10pt; font-family: 'Arial MT', 'sans-serif'; text-align: left; text-indent: 0px; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">&nbsp;</font></p>
<p style="line-height: 12pt; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif; text-align: center;"><font style="font-size: 10pt; font-family: 'Arial', sans-serif; margin: 0px; line-height: 1.2; text-align: left; text-indent: 0px;" lang="EN-US"><font style="font-size: 10pt; font-family: 'times new roman', times;">/s/ <font>KPMG LLP</font></font></font></p>
<p style="margin: 0px; font-size: 10pt; font-family: 'Arial MT', 'sans-serif'; text-align: left; text-indent: 0px; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US"><br></font></p>
<p style="margin: 0px; line-height: 1.2; font-size: 10pt; font-family: 'Arial MT', 'sans-serif'; text-align: left; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">We have served as the Company&#8217;s auditor since 2022. </font></p>
<p style="margin: 0px; line-height: 1.2; font-size: 10pt; font-family: 'Arial MT', 'sans-serif'; text-align: left; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US"><br></font></p>
<p style="margin: 0px; line-height: 1.2; font-size: 10pt; font-family: 'Arial MT', 'sans-serif'; text-align: left; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US"><font>Miami, Florida</font></font></p>
<p style="margin: 0px; font-size: 10pt; font-family: 'Arial MT', 'sans-serif'; text-align: left; text-indent: 0px; line-height: 1.2;"><font style="line-height: inherit;" lang="EN-US"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">March 23, 2023</font></font></p>
<p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Arial MT', 'sans-serif'; text-align: left;"><font lang="EN-US">&nbsp;</font><font lang="EN-US">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt;"><font class='pageno'>78</font></font></td>
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<p style="text-align: center; margin: 0in 0in 8pt; line-height: 107%; font-size: 11pt; font-family: Calibri, 'sans-serif';" align="center"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%;" lang="EN-US">Report of Independent Registered Public Accounting Firm</font></b></font></p>
<p style="margin: 0in 0in 8pt; line-height: 107%; font-size: 11pt; font-family: Calibri, 'sans-serif';"><font style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;" lang="EN-US">&nbsp;</font></p>
<p style="margin: 0in 0in 8pt; line-height: 107%; font-size: 11pt; font-family: Calibri, 'sans-serif'; text-align: left;"><font style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;" lang="EN-US">To the Board of Directors and Shareholders of Eve Holding, Inc.</font></p>
<p style="margin: 0in 0in 8pt; line-height: 107%; font-size: 11pt; font-family: Calibri, 'sans-serif'; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i><font style="line-height: 107%;" lang="EN-US">Opinion on the Financial Statements</font></i></b></font></p>
<p style="line-height: 1.2; margin: 0in 0in 8pt; font-size: 10pt; font-family: Calibri, 'sans-serif'; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">We have audited the consolidated balance sheet of Eve Holding, Inc. (formerly The Urban Air Mobility Business of Embraer S.A.) (the &#8220;Company&#8221;) as of December 31, 2021, and the related consolidated statements of operations, of comprehensive loss, of changes in stockholders&#8217; equity and of cash flows for each of the two years in the period ended December 31, 2021, including the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;). <font style="line-height: inherit;">&nbsp;</font>In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.</font></p>
<p style="margin: 0in 0in 8pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, 'sans-serif'; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><i><font style="line-height: inherit;" lang="EN-US">Basis for Opinion<font style="line-height: inherit;">&nbsp;&nbsp;</font></font></i></b></font></p>
<p style="margin: 0in 0in 0.0001pt; line-height: 1.2; font-size: 10pt; font-family: Calibri, 'sans-serif'; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">These consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.&nbsp;</font></p>
<p style="margin: 0in 0in 0.0001pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, 'sans-serif'; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">&nbsp;</font></p>
<p style="margin: 0in 0in 0.0001pt; line-height: 1.2; font-size: 10pt; font-family: Calibri, 'sans-serif'; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.</font></p>
<p style="margin: 0in 0in 0.0001pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, 'sans-serif'; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">&nbsp;</font></p>
<p style="margin: 0in 0in 0.0001pt; line-height: 1.2; font-size: 10pt; font-family: Calibri, 'sans-serif'; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.<font style="line-height: inherit;">&nbsp; </font>Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.</font></p>
<p style="margin: 0in 0in 0.0001pt; line-height: normal; font-size: 11pt; font-family: Calibri, 'sans-serif'; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;" lang="EN-US">&nbsp;</font></p>
<p style="margin: 0in 0in 8pt; line-height: 107%; font-size: 11pt; font-family: Calibri, 'sans-serif'; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;" lang="EN-US"><font style="font-size: 8pt; margin: 0in 0in 0.0001pt; line-height: normal; text-align: left;"><font style="font-size: 10pt; margin: 0in 0in 0.0001pt; line-height: normal; text-align: left;">/<font style="font-family: 'times new roman', times; font-size: 10pt;">s/ PricewaterhouseCoopers</font></font><font style="font-family: 'times new roman', times; font-size: 10pt;"> LLP</font></font></font></p>
<p style="margin: 0px; line-height: normal; font-size: 11pt; font-family: Calibri, 'sans-serif'; text-align: left; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;" lang="EN-US">Hallandale Beach, Florida</font></p>
<p style="margin: 0px; line-height: normal; font-size: 11pt; font-family: Calibri, 'sans-serif'; text-align: left; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;" lang="EN-US"><br></font></p>
<p style="margin: 0px; line-height: 1.2; font-size: 10pt; font-family: Calibri, 'sans-serif'; text-align: left; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">March 18, 2022, except for the effects of the&nbsp;restatement discussed in Note 2 (not presented herein) to the combined financial statements, appearing as an exhibit in Eve Holding, Inc.&#8217;s Form 8-K/A </font><font style="font-size: 10pt; font-family: Georgia, 'serif'; line-height: inherit;" lang="EN-US"><font style="font-family: 'times new roman', times; line-height: inherit;">dated December 12, 2022, as to which the date is December 7, 2022, and except for the consolidation and the recapitalization of equity including EPS discussed in Note 2, as to which the date is March 23, 2023.</font></font></p>
<p style="margin: 0in 0in 0.0001pt; line-height: normal; font-size: 11pt; font-family: Calibri, 'sans-serif'; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;" lang="EN-US"><br></font></font></p>
<p style="margin: 0in 0in 8pt; line-height: 107%; font-size: 11pt; font-family: Calibri, 'sans-serif'; text-align: left;"><font style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;" lang="EN-US">We served as the Company's auditor from 2021 to 2022.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt;"><font class='pageno'>79</font></font></td>
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<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="margin: 0pt; text-align: center;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bfi1_V8HA4AXJUO00000000000000000000"></a></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-weight: bold; line-height: inherit;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bfi2_UHW26LT2SW00000000000000000000"><font>Item</font><font> 8. Financial Statements</font></a></font></p>
<div style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt 8pt; text-align: center;"><font style="font-size: 10pt; line-height: inherit;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="line-height: inherit; color: #000000;" lang="EN-US">Eve Holding, Inc.</font></b></font></div>
<div style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt 8pt; text-align: center;"><font style="font-size: 10pt; line-height: inherit;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="line-height: inherit; color: #000000;" lang="EN-US">(FORMERLY <font style="line-height: inherit;">EVE UAM, LLC<font style="line-height: inherit;"><font style="line-height: inherit;">)</font></font></font></font></b></font></div>
<div style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt 8pt; text-align: center;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BB_SH0PITW49C00000000000000000000"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><font style="line-height: inherit;">CONSOLIDATED BALA<font style="line-height: inherit;">N<font>C<font style="line-height: inherit;">E SHEETS</font></font></font></font></font></a></div>
<div style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">(in US Dollars, except share data)</font></div>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-weight: bold; font-size: 10pt; line-height: inherit;"><font style="border-left: medium none; border-right: medium none; line-height: inherit;">Year Ended December 31,</font></font></p>
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<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#8203; </font></p>
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<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#8203; </font></p>
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<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; text-align: center;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; text-align: center; border-bottom: 1px solid #000000;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; text-align: center; border-bottom: 1px solid #000000;"><font><font>2022</font></font><br></td>
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<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px;"><br></td>
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<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#8203; </font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom: 1px solid #000000;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <font>2021</font> </font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 73%; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-weight: bold; line-height: inherit;"> ASSETS</font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1%; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#8203; </font></p>
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<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; width: 1%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; width: 1%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; text-align: center; width: 10%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; width: 1%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; width: 1%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; width: 1%; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#8203; </font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; width: 10%; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center;"><br></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1%; background-color: #ccecff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Current assets: </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 14px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 14px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 14px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 14px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 14px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px; border-bottom-width: 1px;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px; border-bottom-width: 1px;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 14px; background-color: #ccecff;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; background-color: #ccecff;">$</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; text-align: right; background-color: #ccecff;"><font>49,146,063</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; background-color: #ccecff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; background-color: #ccecff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font>14,376,523</font></font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #ccecff;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial investments<br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; text-align: right;"><font>178,781,549</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; text-align: right;"><font>-</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #ccecff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party receivables </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; text-align: right; background-color: #ccecff;"><font>203,712</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; background-color: #ccecff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; background-color: #ccecff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font>220,000</font></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #ccecff;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party loan <br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; border-bottom-width: 1px; height: 17px;"><font>82,650,375</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px;"><font>-</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 14px; background-color: #ccecff;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#8203;&#8203; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; border-bottom: 1px solid #000000; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; text-align: right; border-bottom: 1px solid #000000; background-color: #ccecff;"><font>1,425,507</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1px solid #000000; background-color: #ccecff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1px solid #000000; background-color: #ccecff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font>6,274,397</font> </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #ccecff;" valign="bottom"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Total current as<font style="line-height: inherit;">set</font>s </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#8203;&#8203; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; border-bottom: 1px solid #000000;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; height: 14px; text-align: right; border-bottom: 1px solid #000000;"><font>312,207,206</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1px solid #000000;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; color: #000000; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1px solid #000000;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; color: #000000; line-height: inherit;"> <font>20,870,920</font> </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px; background-color: #ccecff;">
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #ccecff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant &amp; equipment, net <br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; background-color: #ccecff;"><font>451,586</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; background-color: #ccecff;"><font>-</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #ccecff;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets, net</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 16px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 16px;"><font>216,636</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 16px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 16px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 16px;"><font>-</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 16px;"><br></td>
</tr>
<tr style="height: 14px; background-color: #ccecff;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; &nbsp; &nbsp; Capitalized software, net<br></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; border-bottom: 1px solid #000000; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; text-align: right; border-bottom: 1px solid #000000; background-color: #ccecff;"><font>-</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ccecff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ccecff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font>699,753</font> </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #ccecff;" valign="bottom"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Total assets </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#8203; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; border-bottom: 1px solid #000000;"><font style="font-weight: bold; line-height: inherit;">$</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; text-align: right; border-bottom: 1px solid #000000; font-weight: bold;"><font>312,875,428</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px;"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> $ </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <font>21,570,673</font> </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 14px; background-color: #ccecff;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> LIABILITIES AND <font style="font-weight: bold; line-height: inherit;">STOCKHOLDERS' EQUITY</font><br></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#8203; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; text-align: right; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; background-color: #ccecff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; background-color: #ccecff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #ccecff;" valign="bottom"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Current liabilities: </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#8203; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; text-align: right;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 14px; background-color: #ccecff;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp;&nbsp;&nbsp;&nbsp; Accounts payable <br></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; background-color: #ccecff;">$</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; text-align: right; background-color: #ccecff;"><font>2,097,097</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; background-color: #ccecff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; background-color: #ccecff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font>877,641</font> </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #ccecff;" valign="bottom"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp;&nbsp;&nbsp;&nbsp; Related party payables<br></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; text-align: right;"><font>12,625,243</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; text-align: right;"><font>8,642,340</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px;"><br></td>
</tr>
<tr style="height: 14px; background-color: #ccecff;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; &nbsp; &nbsp;Derivative financial instruments&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#8203; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; text-align: right; background-color: #ccecff;"><font>3,562,500</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; background-color: #ccecff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; background-color: #ccecff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font>32,226</font></font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #ccecff;" valign="bottom"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp;&nbsp;&nbsp;&nbsp; Other payables <br></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#8203; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; border-bottom: 1px solid #000000;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; text-align: right; border-bottom: 1px solid #000000;"><font>6,648,171</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px;"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1px solid #000000;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1px solid #000000;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font>616,156</font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 10px; background-color: #ccecff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Total current liabilities </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#8203; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom: 1px solid #000000; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; border-bottom: 1px solid #000000; background-color: #ccecff;"><font>24,933,011</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1px solid #000000; background-color: #ccecff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1px solid #000000; background-color: #ccecff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font>10,168,363</font></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #ccecff;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; Other noncurrent payables</font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: right; border-bottom-width: 1px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: right; border-bottom: 1px solid #000000;"><br></td>
<td class="ng-scope" style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; border-bottom: 1px solid #000000;"><font>1,020,074</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: right; border-bottom-width: 1px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: right; border-bottom-width: 1px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: right; border-bottom: 1px solid #000000;"><br></td>
<td class="ng-scope" style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: right; border-bottom: 1px solid #000000;"><font>702,921</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 13px; background-color: #ccecff;">
<td style="padding: 0px; vertical-align: bottom; height: 13px; margin: 0px; text-indent: 0px; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Total liabilities </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; margin: 0px; text-indent: 0px; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 13px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 13px; border-bottom: 1px solid #000000; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 13px; text-align: right; border-bottom: 1px solid #000000; font-weight: bold; background-color: #ccecff;"><font>25,953,085</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 13px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 13px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; height: 13px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ccecff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 13px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ccecff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <font>10,871,284</font> </font></p>
</td>
<td style="padding: 0px; height: 13px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #ccecff;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><font style="line-height: inherit;">Stockholders' Equity</font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #ccecff;">
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #ccecff;">Common stock, $<font>0.001</font> par value; <font>1,000,000,000</font> shares authorized; <font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font>269,094,021</font></font></font> and <font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font>220,000,000</font></font> shares issued and outstanding on <font>December 31, 2022</font>and <font>December 31, 2021</font>, respectively</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; background-color: #ccecff;"><font>269,094</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; background-color: #ccecff;"><font>220,000</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #ccecff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">A</font><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">dditional paid-in</font><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>capital</font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; border-bottom-width: 1px;"><font>503,661,571</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; border-bottom-width: 1px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; border-bottom-width: 1px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; border-bottom-width: 1px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; border-bottom-width: 1px;"><font>53,489,579</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #ccecff;">
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #ccecff;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Accumulated deficit</font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; border-bottom-width: 1px; background-color: #ccecff;">(<font>217,008,322</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: left; border-bottom-width: 1px; background-color: #ccecff;">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; border-bottom-width: 1px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; border-bottom-width: 1px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; border-bottom-width: 1px; background-color: #ccecff;">(<font>42,977,964</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #ccecff;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">)</font><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">Accumulated other comprehensive loss</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; border-bottom: 1px solid #000000;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; border-bottom: 1px solid #000000;"><font>-</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: right; border-bottom: 1px solid #000000;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: right; border-bottom: 1px solid #000000;">(<font>32,226</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #ccecff;">
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #ccecff;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Total stockholders' equity</font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; border-bottom-width: 1px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; border-bottom: 1px solid #000000; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; border-bottom: 1px solid #000000; font-weight: bold; background-color: #ccecff;"><font>286,922,343</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; text-align: right; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; font-weight: bold; vertical-align: bottom; border-bottom-width: 1px; height: 17px; text-align: right; background-color: #ccecff;"><font>10,699,389</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #ccecff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"> Total liabilities and stockholders' equity </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; border-bottom: 1px solid #000000;"><font style="font-weight: bold; line-height: inherit;">$</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; text-align: right; border-bottom: 1px solid #000000; font-weight: bold;"><font>312,875,428</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px;"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1px solid #000000; border-top: 1px solid #000000;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> $ </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1px solid #000000; border-top: 1px solid #000000;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><font>21,570,673</font></font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>

</table>
</div>
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt 12pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The accompanying Notes are an integral part of these Audited Consolidated Financial<font style="line-height: inherit;"> S<font><font style="line-height: inherit;">tatements</font>.&nbsp;</font></font></font><br></p>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font>F-<font>1</font></font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br></div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; text-indent: 0px;"><b style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff;"><font style="line-height: 17.12px; color: #000000;" lang="EN-US">Eve Holding, Inc.<br></font></b></p>
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; text-indent: 0px;"><b style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff;"></b><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff;"><font style="line-height: inherit; color: #000000;" lang="EN-US">(FORMERLY EVE UAM, LLC) </font></b></font></p>
<div style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: center; text-indent: 0px;"><br></div>
<div style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: center; text-indent: 0px;"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BC_YAQAMQDE4G00000000000000000000">CONSOLIDATED STATE<font><font>MENTS OF </font><font><font style="font-weight: bold; line-height: inherit;"> O<font><font style="font-weight: bold; line-height: inherit;">P</font></font></font></font><font><font><font style="font-weight: bold; line-height: inherit;">E</font><font style="font-weight: bold; line-height: inherit;">RATIONS</font></font></font></font></a></font></div>
<div style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: center; text-indent: 0px;"><br></div>
<div style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">(in US Dollars, except share data)</font></font></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: center; text-indent: 0px;"><br></p>
<div>
<table style="height: 210px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 99.9979%; text-indent: 0px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 10px;">
<td style="padding: 0.25pt 0.25pt 0.9pt; vertical-align: bottom; height: 10px; width: 59.7163%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#8203; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 39.4326%;" colspan="10"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="border-left: none; border-right: none; line-height: inherit;">Year Ended <font>December 31,</font></font></font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: center; height: 10px; width: 1.41844%;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0.25pt 0.25pt 0.9pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; width: 59.7163%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: center; height: 10px; border-bottom: 1px solid #000000; width: 1.13475%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: center; height: 10px; border-bottom: 1px solid #000000; width: 11.3475%;"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font>2022</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: center; height: 10px; border-bottom-width: 1px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: center; border-bottom-width: 1px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: center; border-bottom: 1px solid #000000; width: 1.13475%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: center; border-bottom: 1px solid #000000; width: 10.7801%;"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font>2021</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 10px; width: 1.13475%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 10px; text-align: center; width: 9.92908%;"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font>2020</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 1.41844%;"><br></td>
</tr>
<tr style="height: 10px; background-color: #ccecff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; width: 59.7163%; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Operating expenses </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 1.13475%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; text-align: center; width: 11.3475%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.992908%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.992908%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 1.13475%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; text-align: center; width: 10.7801%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.992908%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.992908%; height: 10px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.13475%; height: 10px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 9.92908%; height: 10px; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.41844%; height: 10px; background-color: #ccecff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; width: 59.7163%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Research and development </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 1.13475%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; text-align: right; width: 11.3475%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>51,857,545</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 0.992908%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 1.13475%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; text-align: right; width: 10.7801%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>13,279,780</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 0.992908%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 1.13475%;">$</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; text-align: right; height: 10px; width: 9.92908%;">(<font>8,358,043</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 1.41844%;">)</td>
</tr>
<tr style="height: 14px; background-color: #ccecff;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 59.7163%; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Selling, general and administrative </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; width: 1.13475%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; text-align: right; width: 11.3475%; background-color: #ccecff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>32,855,959</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; width: 0.992908%; background-color: #ccecff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 0.992908%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 1.13475%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; text-align: right; border-bottom-width: 1px; width: 10.7801%; background-color: #ccecff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>4,898,942</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; width: 0.992908%; background-color: #ccecff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; width: 0.992908%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; width: 1.13475%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; text-align: right; height: 14px; width: 9.92908%; background-color: #ccecff;">(<font>1,233,876</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; width: 1.41844%; background-color: #ccecff;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 59.7163%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">New Warrants expenses</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-bottom: 1px solid #000000; width: 1.13475%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; border-bottom: 1px solid #000000; width: 11.3475%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>104,776,230</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 0.992908%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-bottom: 1px solid #000000; width: 1.13475%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; border-bottom: 1px solid #000000; width: 10.7801%;"><font>-</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 17px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 17px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px; width: 1.13475%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; text-align: right; height: 17px; width: 9.92908%;"><font>-</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 17px; width: 1.41844%;"><br></td>
</tr>
<tr style="height: 14px; background-color: #ccecff;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 59.7163%; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &nbsp;&nbsp;&nbsp; Loss from operations<br></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1px solid #000000; height: 14px; width: 1.13475%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1px solid #000000; height: 14px; text-align: right; width: 11.3475%; background-color: #ccecff;"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(<font style="border-left: none; border-right: none; line-height: inherit;"><font>189,489,734</font></font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; font-weight: bold; width: 0.992908%; background-color: #ccecff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; width: 0.992908%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important; border-top: 0.75pt solid #000000 !important; width: 1.13475%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important; border-top: 0.75pt solid #000000 !important; width: 10.7801%; background-color: #ccecff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(<font style="border-left: none; border-right: none; line-height: inherit;"><font>18,178,722</font></font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; font-weight: bold; width: 0.992908%; background-color: #ccecff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-weight: bold; height: 14px; width: 0.992908%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; border-bottom: 1pt solid #000000; height: 14px; width: 1.13475%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; border-bottom: 1pt solid #000000; text-align: right; height: 14px; width: 9.92908%; background-color: #ccecff;">(<font>9,591,919</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-weight: bold; height: 14px; width: 1.41844%; background-color: #ccecff;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 59.7163%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Change in fair value of derivative liabilities </font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 17px; width: 1.13475%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 17px; text-align: right; width: 11.3475%;"><font>9,547,500</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 17px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 17px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 17px; width: 1.13475%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; text-align: right; height: 17px; width: 10.7801%;"><font>-</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 17px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 17px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 17px; width: 1.13475%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; text-align: right; height: 17px; width: 9.92908%;"><font>-</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 17px; width: 1.41844%;"><br></td>
</tr>
<tr style="height: 14px; background-color: #ccecff;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 59.7163%; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financial and foreign exchange gain/(loss), net </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1px solid #000000; height: 14px; width: 1.13475%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1px solid #000000; height: 14px; text-align: right; width: 11.3475%; background-color: #ccecff;"><font>6,844,856</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; width: 0.992908%; background-color: #ccecff;"></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; width: 0.992908%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; width: 1.13475%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; text-align: right; width: 10.7801%; background-color: #ccecff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>77,147</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; width: 0.992908%; background-color: #ccecff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; width: 0.992908%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 14px; width: 1.13475%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; text-align: right; height: 14px; width: 9.92908%; background-color: #ccecff;">(<font>34,023</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; width: 1.41844%; background-color: #ccecff;">)</td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 59.7163%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &nbsp;&nbsp;&nbsp; Loss before income taxes </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1px solid #000000; height: 14px; width: 1.13475%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1px solid #000000; height: 14px; text-align: right; width: 11.3475%;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(<font style="border-left: none; border-right: none; line-height: inherit;"><font>173,097,378</font></font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; font-weight: bold; width: 0.992908%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important; border-top: 0.75pt solid #000000 !important; width: 1.13475%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important; border-top: 0.75pt solid #000000 !important; width: 10.7801%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(<font style="border-left: none; border-right: none; line-height: inherit;"><font>18,255,869</font></font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; font-weight: bold; width: 0.992908%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-weight: bold; height: 14px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; border-bottom: 1pt solid #000000; height: 14px; width: 1.13475%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; border-bottom: 1pt solid #000000; text-align: right; height: 14px; width: 9.92908%;">(<font>9,625,942</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-weight: bold; height: 14px; width: 1.41844%;">)</td>
</tr>
<tr style="height: 14px; background-color: #ccecff;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 59.7163%; background-color: #ccecff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Income tax expense </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1px solid #000000; height: 14px; width: 1.13475%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1px solid #000000; height: 14px; text-align: right; width: 11.3475%; background-color: #ccecff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>932,980</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; width: 0.992908%; background-color: #ccecff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; width: 0.992908%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; width: 1.13475%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; text-align: right; width: 10.7801%; background-color: #ccecff;"><font>-</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; width: 0.992908%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; width: 0.992908%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 14px; width: 1.13475%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; text-align: right; height: 14px; width: 9.92908%; background-color: #ccecff;"><font>-</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; width: 1.41844%; background-color: #ccecff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; font-weight: bold; width: 59.7163%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &nbsp; &nbsp; Net loss </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1px solid #000000; height: 14px; font-weight: bold; width: 1.13475%;"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1px solid #000000; height: 14px; text-align: right; font-weight: bold; width: 11.3475%;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(<font style="border-left: none; border-right: none; line-height: inherit;"><font>174,030,358</font></font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; font-weight: bold; width: 0.992908%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; font-weight: bold; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; font-weight: bold; border-bottom-style: solid !important; border-bottom-color: #000000 !important; border-top: 0.75pt solid #000000 !important; width: 1.13475%;"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; text-align: right; border-bottom-width: 1px; font-weight: bold; border-bottom-style: solid !important; border-bottom-color: #000000 !important; border-top: 0.75pt solid #000000 !important; width: 10.7801%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<font>18,255,869</font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; font-weight: bold; width: 0.992908%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-weight: bold; height: 14px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; border-bottom: 1pt solid #000000; height: 14px; width: 1.13475%;">$</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; border-bottom: 1pt solid #000000; text-align: right; height: 14px; width: 9.92908%;">(<font>9,625,942</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-weight: bold; height: 14px; width: 1.41844%;">)</td>
</tr>
<tr style="height: 10px; background-color: #ccecff;">
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 59.7163%; background-color: #ccecff;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; color: #000000; display: inline !important; line-height: inherit;">Net loss per share basic and diluted</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 1.13475%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; text-align: right; width: 11.3475%; background-color: #ccecff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>0.68</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 0.992908%; background-color: #ccecff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 0.992908%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 1.13475%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; text-align: right; width: 10.7801%; background-color: #ccecff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>0.08</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 0.992908%; background-color: #ccecff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 0.992908%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 1.13475%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; text-align: right; height: 10px; width: 9.92908%; background-color: #ccecff;">(<font>0.04</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 1.41844%; background-color: #ccecff;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 59.7163%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Weighted-average number of shares outstanding &#8211; basic and diluted</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 1.13475%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; text-align: right; width: 11.3475%;"><font>254,131,038</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 1.13475%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; text-align: right; width: 10.7801%;"><font>220,000,000</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 1.13475%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; text-align: right; height: 10px; width: 9.92908%;"><font>220,000,000</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; width: 1.41844%;">&nbsp;</td>
</tr>

</table>
</div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt 12pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">The accompanying Notes are an integral part of these Audited Consolidated Financial Statements</font>.&nbsp;</font></p>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt;">F-<font>2</font></font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br></div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: center; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><b style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff;"><font style="line-height: inherit; color: #000000;" lang="EN-US">Eve Holding, Inc.<br></font></b></font></div>
<div style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: center; text-indent: 0px;"><br></div>
<div style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: center; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><b style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff;"><font style="line-height: inherit; color: #000000;" lang="EN-US">(FORMERLY EVE UAM, LLC)</font></b></font></div>
<div style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: center; text-indent: 0px;"><br><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BD_05JRRYD1R400000000000000000000"><font style="font-weight: bold; line-height: inherit;">CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS</font></a></font></div>
<div style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: center; text-indent: 0px;"><br><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(in U</font><font style="font-weight: bold; line-height: inherit;">S</font><font style="font-weight: bold; line-height: inherit;"> Dollars)</font></font></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: center; text-indent: 0px;"><br></p>
<div>
<table style="height: 50px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 10px;">
<td style="border-bottom: 0.75pt solid rgb(255, 255, 255); padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 60.4255%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#8203; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: center; border-bottom: 0.75pt solid rgb(0, 0, 0) !important; width: 37.0993%;" colspan="10"><font style="font-weight: bold; font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="border-left: none; border-right: none; line-height: inherit;">Year Ended <font>December 31,</font></font></font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.992908%;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 60.4255%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#8203; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: center; border-bottom: 0.75pt solid rgb(0, 0, 0) !important; width: 11%;" colspan="2"><font style="font-weight: bold; font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font>2022</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom: 0.75pt solid rgb(0, 0, 0) !important; width: 1.13475%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: center; border-bottom: 0.75pt solid rgb(0, 0, 0) !important; width: 9.92908%;"><font style="font-weight: bold; font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font>2021</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); height: 10px; width: 1.13475%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); text-align: center; height: 10px; width: 9.92908%;"><font style="font-weight: bold;"><font>2020</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.992908%;"><br></td>
</tr>
<tr style="height: 10px; background-color: #ccecff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 60.4255%; background-color: rgb(204, 236, 255);">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net loss </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.992908%; background-color: rgb(204, 236, 255);"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 1%; background-color: #ccecff;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">$</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; text-align: right; width: 10%; background-color: #ccecff;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">(<font style="border-left: none; border-right: none; line-height: inherit;"><font>174,030,358</font></font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.992908%; background-color: rgb(204, 236, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.992908%; background-color: rgb(204, 236, 255);"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 1.13475%; background-color: rgb(204, 236, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">$</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; text-align: right; width: 9.92908%; background-color: rgb(204, 236, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">(<font style="border-left: none; border-right: none; line-height: inherit;"><font>18,255,869</font></font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.992908%; background-color: rgb(204, 236, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.992908%; height: 10px; background-color: rgb(204, 236, 255);"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.13475%; height: 10px; background-color: rgb(204, 236, 255);">$</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 9.92908%; height: 10px; text-align: right; background-color: rgb(204, 236, 255);">(<font>9,625,942</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.992908%; height: 10px; background-color: rgb(204, 236, 255);">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 60.4255%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &nbsp;&nbsp;&nbsp; Derivative financial instruments - cash flow hedge&nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 1%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; text-align: right; width: 10%;"><font style="border-left: none; border-right: none; font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font>-</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 1.13475%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; text-align: right; width: 9.92908%;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">(<font style="border-left: none; border-right: none; line-height: inherit;"><font>77,664</font></font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.992908%;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid rgb(0, 0, 0); width: 1.13475%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; border-bottom: 1pt solid rgb(0, 0, 0); width: 9.92908%;"><font>46,012</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.992908%;"><br></td>
</tr>
<tr style="height: 10px; background-color: #ccecff;">
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; font-weight: bold; vertical-align: bottom; background-color: rgb(204, 236, 255); width: 60.4255%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total comprehensive loss </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; font-weight: bold; vertical-align: bottom; background-color: rgb(204, 236, 255); width: 0.992908%;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; font-weight: bold; vertical-align: bottom; background-color: rgb(204, 236, 255); border-bottom: 0.75pt solid rgb(0, 0, 0) !important; border-top: 0.75pt solid rgb(0, 0, 0) !important; width: 1%;" valign="bottom"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">$</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; text-align: right; font-weight: bold; vertical-align: bottom; background-color: rgb(204, 236, 255); border-bottom: 0.75pt solid rgb(0, 0, 0) !important; border-top: 0.75pt solid rgb(0, 0, 0) !important; width: 10%;" valign="bottom"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">(<font style="border-left: none; border-right: none; line-height: inherit;"><font>174,030,358</font></font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; font-weight: bold; vertical-align: bottom; background-color: rgb(204, 236, 255); width: 0.992908%;" valign="bottom"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; font-weight: bold; vertical-align: bottom; background-color: rgb(204, 236, 255); width: 0.992908%;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; font-weight: bold; vertical-align: bottom; background-color: rgb(204, 236, 255); border-bottom: 0.75pt solid rgb(0, 0, 0) !important; border-top: 0.75pt solid rgb(0, 0, 0) !important; width: 1.13475%;" valign="bottom"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">$</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; text-align: right; font-weight: bold; vertical-align: bottom; background-color: rgb(204, 236, 255); border-bottom: 0.75pt solid rgb(0, 0, 0) !important; border-top: 0.75pt solid rgb(0, 0, 0) !important; width: 9.92908%;" valign="bottom"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">(<font style="border-left: none; border-right: none; line-height: inherit;"><font>18,333,533</font></font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; font-weight: bold; vertical-align: bottom; background-color: rgb(204, 236, 255); width: 0.992908%;" valign="bottom"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-weight: bold; vertical-align: bottom; height: 10px; background-color: rgb(204, 236, 255); width: 0.992908%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; font-weight: bold; vertical-align: bottom; height: 10px; border-bottom: 1pt solid rgb(0, 0, 0); background-color: rgb(204, 236, 255); width: 1.13475%;">$</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; font-weight: bold; vertical-align: bottom; height: 10px; text-align: right; border-bottom: 1pt solid rgb(0, 0, 0); background-color: rgb(204, 236, 255); width: 9.92908%;">(<font>9,579,930</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-weight: bold; vertical-align: bottom; height: 10px; background-color: rgb(204, 236, 255); width: 0.992908%;">)</td>
</tr>

</table>
</div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt 12pt; text-align: center;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">The accompanying Notes are an integral part of these Audited Consolidated Financial Statements</font><font style="line-height: inherit;">.&nbsp;</font></p>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font class="pageno" style="font-size: 10pt;">F-<font>3</font></font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br></div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="font-size: 10pt; line-height: 108%; margin: 6pt 0pt 12pt; text-align: center;">
<div style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2; margin: 0px;"><b style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff;"><font style="line-height: inherit; color: #000000;" lang="EN-US">Eve Holding, Inc.<br></font></b></div>
<div style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2; margin: 0px; text-align: center;"><b style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff;"></b><br></div>
<div style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2; margin: 0px; text-align: center;"><b style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff;"><font style="line-height: inherit; color: #000000;" lang="EN-US">(FORMERLY EVE UAM, LLC)</font></b></div>
</div>
<div style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt 12pt; text-align: center;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BE_M65WY0JOW000000000000000000000"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">CONSOLIDATED STATEMENTS OF CHANGES IN STOCK<font style="line-height: inherit;">HOLD<font style="line-height: inherit;"><font style="line-height: inherit;">E<font style="line-height: inherit;">RS<font class="selected" style="line-height: inherit;">'</font><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font class="selected" style="line-height: inherit;"><font> E</font></font></font></font></font><font><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font class="selected" style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;">QUITY</font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></a><br></div>
<div style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt 12pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">(in US Dollars, except per share data)</font></div>
<div style="font-size: 10pt; line-height: 108%; margin: 6pt 0pt 12pt; text-align: center;">
<div style="border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">
<div>
<table style="height: 302px; width: 98.6246%; border-collapse: collapse; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;" width="100%" cellspacing="0" cellpadding="0" border="0">

<tr style="height: 14px;">
<td style="padding: 0cm 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 14px; font-size: 10pt; width: 29.9501%;"><br></td>
<td style="padding: 0cm 0px; height: 14px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; width: 0.998336%;"><br></td>
<td style="padding: 0cm 0px; height: 14px; margin: 0px; text-indent: 0px; font-size: 10pt; width: 18.1029%; border-bottom: 0.75pt solid #000000 !important;" colspan="6">
<p style="font-family: 'Times New Roman', serif; text-align: center;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 9pt; font-weight: bold;"> Common Stock </font></p>
</td>
<td style="padding: 0cm 0px; height: 14px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; width: 1.37363%;"><br></td>
<td style="padding: 0cm 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; height: 14px; width: 0.998336%;"><br></td>
<td style="padding: 0cm 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; height: 14px; width: 0.998336%;"><br></td>
<td style="padding: 0cm 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; height: 14px; width: 6.98835%;"><br></td>
<td style="padding: 0cm 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; height: 14px; width: 0.998336%;"><br></td>
<td style="padding: 0cm 0px; height: 14px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; width: 0.998336%;"><br></td>
<td style="padding: 0cm 0px; height: 14px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; width: 0.998336%;"><br></td>
<td style="padding: 0cm 0px; height: 14px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; width: 6.98835%;"><br></td>
<td style="padding: 0cm 0px; height: 14px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; width: 1.23001%;"><br></td>
<td style="padding: 0cm 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 14px; font-size: 10pt; width: 0.998336%;"><br></td>
<td style="padding: 0cm 0px; height: 14px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; width: 0.998336%;"><br></td>
<td style="padding: 0cm 0px; height: 14px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; width: 6.98835%;"><br></td>
<td style="padding: 0cm 0px; height: 14px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; width: 0.998336%;"><br></td>
<td style="padding: 0cm 0px; height: 14px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; width: 0.998336%;"><br></td>
<td style="padding: 0cm 0px; height: 14px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; width: 0.998336%;"><br></td>
<td style="padding: 0cm 0px; height: 14px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; width: 6.98835%;"><br></td>
<td style="padding: 0cm 0px; height: 14px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; width: 0.998336%;"><br></td>
<td style="padding: 0cm 0px; height: 14px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; width: 0.998336%;"><br></td>
<td style="padding: 0cm 0px; height: 14px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; width: 0.998336%;"><br></td>
<td style="padding: 0cm 0px; height: 14px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; width: 6.98835%;"><br></td>
<td style="padding: 0cm 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; height: 14px; width: 0.998336%;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0cm 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; font-size: 10pt; width: 29.9501%;"><br></td>
<td style="padding: 0cm 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; width: 0.998336%;"><br></td>
<td style="padding: 0cm 0px; height: 10px; margin: 0px; text-indent: 0px; font-size: 10pt; border-bottom: 1px solid #000000; width: 0.998336%;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; font-size: 10pt; border-bottom: 1px solid #000000; width: 6.98835%;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: normal; font-size: 10pt; font-family: Calibri, sans-serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;" align="center"><font style="font-family: 'times new roman', times; font-size: 9pt;"><b><font style="color: #000000;">Shares</font></b></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; width: 1.13122%;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; width: 0.998336%;"></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 0.998336%;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 6.98835%;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: normal; font-size: 10pt; font-family: Calibri, sans-serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;" align="center"><font style="font-family: 'times new roman', times; font-size: 9pt;"><b><font style="color: #000000;">Amount</font></b></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; width: 1.37363%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; height: 10px; width: 0.998336%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; font-size: 10pt; height: 10px; border-bottom: 1px solid #000000; width: 0.998336%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; font-size: 10pt; vertical-align: bottom; height: 10px; border-bottom: 1px solid #000000; text-align: center; width: 6.98835%;" valign="bottom"><font style="font-weight: bold;">Net parent Investment</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; height: 10px; width: 0.998336%;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; font-size: 10pt; width: 0.998336%;"></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 0.998336%;" valign="bottom"></td>
<td style="border-top: medium none; border-right: medium none; border-left: medium none; border-image: initial; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 6.98835%;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: normal; font-size: 10pt; font-family: Calibri, sans-serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;" align="center"><font style="font-family: 'times new roman', times; font-size: 9pt;"><b><font style="color: #000000;">Additional paid-in capital</font></b></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 1.23001%;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; font-size: 10pt; width: 0.998336%;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 0.998336%;" valign="bottom"><br></td>
<td style="border-top: medium none; border-right: medium none; border-left: medium none; border-image: initial; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 6.98835%;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: normal; font-size: 10pt; font-family: Calibri, sans-serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;" align="center"><font style="font-family: 'times new roman', times; font-size: 9pt;"><b><font style="color: #000000;">Accumulated deficit</font></b></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 0.998336%;" valign="bottom"><br></td>
<td style="border-top: medium none; border-right: medium none; border-left: medium none; border-image: initial; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 6.98835%;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: normal; font-size: 10pt; font-family: Calibri, sans-serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;" align="center"><font style="font-family: 'times new roman', times; font-size: 9pt;"><b><font style="color: #000000;">Accumulated other comprehensive income/(loss)</font></b></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 0.998336%;" valign="bottom"><br></td>
<td style="border-image: initial; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 6.98835%; border-bottom-color: #000000; border-width: medium medium 1pt medium; border-style: none none solid none;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: normal; font-size: 10pt; font-family: Calibri, sans-serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;" align="center"><font style="font-family: 'times new roman', times; font-size: 9pt;"><b><font style="color: #000000;">Total Stockholders' equity</font></b></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 10px; width: 0.998336%;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0cm 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 29.9501%; height: 15px; background-color: #cceeff;"><b style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; text-align: justify;"><font style="color: #000000;">Balance as of December 31, 2019</font></b></td>
<td style="padding: 0cm 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0cm 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; border-bottom: 1px solid #000000; width: 0.998336%; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; height: 15px; background-color: #cceeff;"><font>-</font></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 1.13122%; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; height: 15px; background-color: #cceeff;">$<br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; height: 15px; background-color: #cceeff;"><font>-</font></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 1.37363%; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: 1px solid #000000; width: 0.998336%; height: 15px; background-color: #cceeff;">$<br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; border-bottom: 1px solid #000000; width: 6.98835%; height: 15px; background-color: #cceeff;">(<font>478,631</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: left; width: 0.998336%; height: 15px; background-color: #cceeff;">)</td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; border-bottom: 0.75pt solid #000000 !important; height: 15px; background-color: #cceeff;">$<br></td>
<td style="border-right: medium none; border-left: medium none; border-image: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; border-bottom: 0.75pt solid #000000 !important; height: 15px; background-color: #cceeff;"><font>-</font></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 1.23001%; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; border-bottom: 0.75pt solid #000000 !important; height: 15px; background-color: #cceeff;">$<br></td>
<td style="border-right: medium none; border-left: medium none; border-image: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; border-bottom: 0.75pt solid #000000 !important; height: 15px; background-color: #cceeff;"><font>-</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; text-align: left; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; border-bottom: 0.75pt solid #000000 !important; height: 15px; background-color: #cceeff;">$<br></td>
<td style="border-right: medium none; border-left: medium none; border-image: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; border-bottom: 0.75pt solid #000000 !important; height: 15px; background-color: #cceeff;">(<font>574</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 15px; text-align: left; background-color: #cceeff;">)</td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; border-bottom: 0.75pt solid #000000 !important; height: 15px; background-color: #cceeff;">$<br></td>
<td style="border-right: medium none; border-left: medium none; border-image: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; border-bottom: 0.75pt solid #000000 !important; height: 15px; background-color: #cceeff;">(<font>479,205</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: left; width: 0.998336%; height: 15px; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 29.9501%; height: 16px; text-align: left;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Retroactive application of recapitalization</font></td>
<td style="padding: 0cm 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 16px;"><br></td>
<td style="padding: 0cm 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; text-align: right; height: 16px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 6.98835%; text-align: right; height: 16px;"><font>220,000,000</font><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 1.13122%; height: 16px;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 16px;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 16px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 6.98835%; text-align: right; height: 16px;"><font>220,000</font><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 1.37363%; height: 16px;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 16px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; text-align: right; height: 16px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 6.98835%; text-align: right; height: 16px;"><font>478,631</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 0.998336%; text-align: left; height: 16px;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 16px;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 16px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 6.98835%; text-align: right; height: 16px;"><font>14,397,522</font><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 1.23001%; height: 16px;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 16px;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 16px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 6.98835%; text-align: right; height: 16px;"><font style="font-weight: bold;">(</font><font>15,096,153</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 0.998336%; height: 16px; text-align: left;"><font>)</font></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 16px;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 16px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; text-align: right; height: 16px;"><font>-</font><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 16px;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 16px;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 16px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; text-align: right; height: 16px;"><font>-</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 0.998336%; text-align: left; height: 16px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 29.9501%; height: 10px; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Net loss</font></td>
<td style="padding: 0cm 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0cm 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px; text-align: right; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; height: 10px; text-align: right; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 1.13122%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; height: 10px; text-align: right; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 1.37363%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px; text-align: right; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; height: 10px; text-align: right; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 0.998336%; height: 10px; text-align: left; background-color: #cceeff;"></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; height: 10px; text-align: right; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 1.23001%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; height: 10px; text-align: right; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(<font>9,625,942</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px; background-color: #cceeff; text-align: left;"><font>)</font></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; height: 10px; text-align: right; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; height: 10px; text-align: right; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(<font>9,625,942</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 0.998336%; height: 10px; text-align: left; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 10px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 29.9501%; height: 10px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Other&nbsp;comprehensive income/(loss)</font></td>
<td style="padding: 0cm 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px;"><br></td>
<td style="padding: 0cm 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px; text-align: right;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; height: 10px; text-align: right;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 1.13122%; height: 10px;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; height: 10px; text-align: right;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 1.37363%; height: 10px;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px; text-align: right;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; height: 10px; text-align: right;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px; text-align: right;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; height: 10px; text-align: right;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 1.23001%; height: 10px;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; height: 10px; text-align: right;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px; text-align: right;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; height: 10px; text-align: right;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>46,012</font></font></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; height: 10px; text-align: right;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>46,012</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 10px; text-align: right;"><br></td>
</tr>
<tr style="height: 11px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 29.9501%; height: 11px; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Contributions&nbsp;from parent&nbsp;</font></td>
<td style="padding: 0cm 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 11px; background-color: #cceeff;"><br></td>
<td style="padding: 0cm 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 11px; text-align: right; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; height: 11px; text-align: right; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 1.13122%; height: 11px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 11px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 11px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; height: 11px; text-align: right; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 1.37363%; height: 11px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 11px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 11px; border-bottom: 1pt solid #000000; text-align: right; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; height: 11px; border-bottom: 1pt solid #000000; text-align: right; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 11px; text-align: right; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 11px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 11px; border-bottom: 1pt solid #000000; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; height: 11px; border-bottom: 1pt solid #000000; text-align: right; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>9,045,282</font></font></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 1.23001%; height: 11px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 11px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 11px; border-bottom: 1pt solid #000000; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; height: 11px; border-bottom: 1pt solid #000000; text-align: right; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 11px; text-align: right; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 11px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 11px; border-bottom: 1pt solid #000000; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; height: 11px; border-bottom: 1pt solid #000000; text-align: right; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 11px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 11px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 11px; border-bottom: 1pt solid #000000; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; height: 11px; border-bottom: 1pt solid #000000; text-align: right; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>9,045,282</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; height: 11px; text-align: right; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0cm 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 29.9501%;" valign="bottom"><font style="font-size: 10pt;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: #000000;">Balance as of December 31, 2020<br></font></b></font></td>
<td style="padding: 0cm 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%;" valign="bottom"><br></td>
<td style="padding: 0cm 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; border-bottom: 1px solid #000000; width: 0.998336%; border-top: 1pt solid #000000;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important;" valign="bottom"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>220,000,000</font></font></td>
<td style="padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 1.13122%;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: right; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important;" valign="bottom"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>220,000</font></font></td>
<td style="padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 1.37363%;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 10px; width: 0.998336%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 10px; text-align: left; border-bottom: 1px solid #000000; width: 0.998336%;"><font style="font-weight: bold;">$</font></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 10px; border-bottom: 1px solid #000000; width: 6.98835%;"><font><font style="font-weight: bold;"><font>-</font></font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 10px; text-align: left; width: 0.998336%;"></td>
<td style="padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; border-bottom: 0.75pt solid #000000 !important;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="border-right: medium none; border-left: medium none; border-image: initial; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; border-bottom: 0.75pt solid #000000 !important;" valign="bottom"><font>23,442,804</font></td>
<td style="padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 1.23001%;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; font-size: 10pt; font-weight: bold; width: 0.998336%;"><br></td>
<td style="padding: 0px; text-align: right; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; border-bottom: 0.75pt solid #000000 !important;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="border-right: medium none; border-left: medium none; border-image: initial; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; border-bottom: 0.75pt solid #000000 !important;" valign="bottom"><font style="border-left: medium none; border-right: medium none;">(<font>24,722,095</font></font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; text-align: left; font-size: 10pt; font-weight: bold; width: 0.998336%;" valign="bottom">)</td>
<td style="padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: right; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; border-bottom: 0.75pt solid #000000 !important;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="border-right: medium none; border-left: medium none; border-image: initial; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; border-bottom: 0.75pt solid #000000 !important;" valign="bottom"><font>45,438</font></td>
<td style="padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: right; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%; border-bottom: 0.75pt solid #000000 !important;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="border-right: medium none; border-left: medium none; border-image: initial; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 6.98835%; border-bottom: 0.75pt solid #000000 !important;" valign="bottom"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: medium none; border-right: medium none;">(<font>1,013,853</font></font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 10px; text-align: left; width: 0.998336%;">)</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px 0px 0px 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; text-align: left; vertical-align: bottom; font-size: 10pt; width: 29.9501%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Net loss <br></font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0cm 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0cm 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 6.98835%;" valign="bottom"><font>-</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 1.13122%;" valign="bottom"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 6.98835%;" valign="bottom"><font>-</font></td>
<td style="background: none 0% 0% repeat scroll #cceeff; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 1.37363%;" valign="bottom"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; height: 10px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; height: 10px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; height: 10px; width: 6.98835%;"><font>-</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; height: 10px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 6.98835%;" valign="bottom"><font style="border-left: medium none; border-right: medium none;"><font>-</font></font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 1.23001%;" valign="bottom"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; font-size: 10pt; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 6.98835%;" valign="bottom">(<font>18,255,869</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; text-align: left; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom">)</td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 6.98835%;" valign="bottom"><font>-</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 6.98835%;" valign="bottom"><font style="border-left: medium none; border-right: medium none;">(<font>18,255,869</font></font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; height: 10px; text-align: left; width: 0.998336%;">)</td>
</tr>
<tr style="height: 10px;">
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px 0px 0px 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; text-align: left; vertical-align: bottom; font-size: 10pt; width: 29.9501%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Other&nbsp;comprehensive&nbsp;loss&nbsp;</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0cm 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0cm 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 6.98835%;" valign="bottom"><font>-</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 1.13122%;" valign="bottom"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 6.98835%;" valign="bottom"><font style="border-left: none; border-right: none;">-</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 1.37363%;" valign="bottom"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; height: 10px; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; height: 10px; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; height: 10px; width: 6.98835%;"><font>-</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; height: 10px; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 6.98835%;" valign="bottom"><font style="border-left: medium none; border-right: medium none;"><font style="border-left: none; border-right: none;">-</font></font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; text-align: left; vertical-align: bottom; font-size: 10pt; width: 1.23001%;" valign="bottom"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; font-size: 10pt; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 6.98835%;" valign="bottom"><font>-</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; text-align: left; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 6.98835%;" valign="bottom">(<font>77,664</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; text-align: left; width: 0.998336%;" valign="bottom">)</td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%;" valign="bottom"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 6.98835%;" valign="bottom"><font style="border-left: medium none; border-right: medium none;">(<font>77,664</font></font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; height: 10px; text-align: left; width: 0.998336%;">)</td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10px; margin: 0px; text-indent: 0px; height: 14px; text-align: left; vertical-align: bottom; font-size: 10pt; width: 29.9501%; background-color: #cceeff;" valign="bottom">Contributions&nbsp;from parent&nbsp;</td>
<td style="padding: 0cm 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 0.998336%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0cm 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; border-bottom: 1px solid #000000; width: 0.998336%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; height: 14px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 6.98835%; background-color: #cceeff;" valign="bottom"><font>-</font><br></td>
<td style="padding: 0px; height: 14px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 1.13122%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; height: 14px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 0.998336%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: right; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 0.998336%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; height: 14px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 6.98835%; background-color: #cceeff;" valign="bottom"><font>-</font><br></td>
<td style="padding: 0px; height: 14px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 1.37363%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; width: 0.998336%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; border-bottom: 1px solid #000000; width: 0.998336%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; border-bottom: 1px solid #000000; width: 6.98835%; background-color: #cceeff;"><font>-</font></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; width: 0.998336%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 14px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 0.998336%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; height: 14px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; height: 14px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 6.98835%; background-color: #cceeff;" valign="bottom"><font>30,046,775</font><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; text-align: left; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 1.23001%; background-color: #cceeff;" valign="bottom"></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; font-size: 10pt; width: 0.998336%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: right; height: 14px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; height: 14px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 6.98835%; background-color: #cceeff;" valign="bottom"><font>-</font><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; text-align: left; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; height: 14px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: right; height: 14px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; height: 14px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 6.98835%; background-color: #cceeff;" valign="bottom"><font>-</font><br></td>
<td style="padding: 0px; height: 14px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; height: 14px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: right; height: 14px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 0.998336%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; height: 14px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; width: 6.98835%; background-color: #cceeff;" valign="bottom"><font>30,046,775</font><br></td>
<td style="padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; width: 0.998336%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm 0px; margin: 0px; text-indent: 0px; height: 10px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 29.9501%;" valign="bottom"><font style="font-size: 10pt;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: #000000;">Balance as of December 31, 2021<br></font></b></font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%;" valign="bottom"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; border-bottom: 1px solid #000000; width: 0.998336%;" valign="bottom"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; width: 6.98835%;" valign="bottom"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>220,000,000</font></font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 1.13122%;" valign="bottom"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%;" valign="bottom"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; width: 0.998336%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; width: 6.98835%;" valign="bottom"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>220,000</font></font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 1.37363%;" valign="bottom"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 10px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 10px; text-align: left; border-bottom: 1px solid #000000; width: 0.998336%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 10px; border-bottom: 1px solid #000000; width: 6.98835%;"><font>-</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 10px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%;" valign="bottom"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; width: 0.998336%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="border-left: medium none; border-right: medium none; background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; width: 6.98835%;" valign="bottom"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: medium none; border-right: medium none;"><font>53,489,579</font></font></font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 1.23001%;" valign="bottom"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; font-size: 10pt; font-weight: bold; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; width: 0.998336%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; font-weight: bold; display: inline !important;">$</font></td>
<td style="border-left: medium none; border-right: medium none; background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; width: 6.98835%;" valign="bottom"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: medium none; border-right: medium none;">(<font>42,977,964</font></font></font></font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; text-align: left; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%;" valign="bottom">)</td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%;" valign="bottom"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; width: 0.998336%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="border-left: medium none; border-right: medium none; background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; width: 6.98835%;" valign="bottom">(<font>32,226</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: left; width: 0.998336%;" valign="bottom">)</td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; width: 0.998336%;" valign="bottom"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; width: 0.998336%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="border-left: medium none; border-right: medium none; background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; width: 6.98835%;" valign="bottom"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: medium none; border-right: medium none;"><font>10,699,389</font></font></font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 10px; width: 0.998336%;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px 0px 0px 10px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 29.9501%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Separation-related adjustment&nbsp; </font><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0cm 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0cm 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>-</font><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 1.13122%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>-</font><br></td>
<td style="background: none 0% 0% repeat scroll #cceeff; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 1.37363%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; border-bottom-width: 1px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; border-bottom-width: 1px; width: 6.98835%;"><font>-</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;">(<font>707,846</font><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; text-align: left; width: 1.23001%;">)</td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>-</font><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>32,226</font><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;">(<font>675,620</font><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; text-align: left; width: 0.998336%;">)</td>
</tr>
<tr style="height: 14px;">
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px 0px 0px 10px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 29.9501%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Net loss&nbsp;</font><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0cm 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0cm 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;"><font>-</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 1.13122%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;"><font>-</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 1.37363%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; border-bottom-width: 1px; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; border-bottom-width: 1px; width: 6.98835%;"><font>-</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;"><font>-</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 1.23001%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;">(<font>174,030,358</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;">)</td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;"><font>-</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;">(<font>174,030,358</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; text-align: left; width: 0.998336%;">)</td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px 0px 0px 10px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 29.9501%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Issuance of new shares<br></font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0cm 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0cm 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>2,039,353</font><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 1.13122%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>2,039</font><br></td>
<td style="background: none 0% 0% repeat scroll #cceeff; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 1.37363%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; border-bottom-width: 1px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; border-bottom-width: 1px; width: 6.98835%;"><font>-</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>14,997,961</font><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 1.23001%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>-</font><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>-</font><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>15,000,000</font><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
</tr>
<tr style="height: 12px;">
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px 0px 0px 10px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 12px; width: 29.9501%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Reclassification of Public Warrants from liability to equity</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 12px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 12px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 6.98835%;"><font>-</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 1.13122%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 6.98835%;"><font>-</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 1.37363%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; border-bottom-width: 1px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; border-bottom-width: 1px; width: 6.98835%;"><font>-</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 6.98835%;"><font>10,580,000</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 1.23001%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 6.98835%;"><font>-</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 6.98835%;"><font>-</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 6.98835%;"><font>10,580,000</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 12px; width: 0.998336%;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px 0px 0px 10px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 29.9501%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Issuance of fully vested New Warrants&nbsp;</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0cm 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0cm 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;"><font>-</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 1.13122%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;"><font>-</font></td>
<td style="background: none 0% 0% repeat scroll #cceeff; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 1.37363%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; border-bottom-width: 1px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; border-bottom-width: 1px; width: 6.98835%;"><font>-</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;"><font>104,776,230</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 1.23001%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;"><font>-</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;"><font>-</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;"><font>104,776,230</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px 0px 0px 10px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 10px; width: 29.9501%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Issuance of common stock upon reverse recapitalization, net of fees</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 10px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 10px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 6.98835%;"><font>43,392,132</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 1.13122%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 6.98835%;"><font>43,392</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 1.37363%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; border-bottom-width: 1px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; border-bottom-width: 1px; width: 6.98835%;"><font>-</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 6.98835%;"><font>315,283,325</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 1.23001%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 6.98835%;"><font>-</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 6.98835%;"><font>-</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 6.98835%;"><font>315,326,717</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 10px; width: 0.998336%;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px 0px 0px 10px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 29.9501%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Issuance of restricted stock and restricted stock expense<br></font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0cm 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0cm 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;"><font>140,000</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 1.13122%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;"><font>140</font></td>
<td style="background: none 0% 0% repeat scroll #cceeff; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 1.37363%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; border-bottom-width: 1px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; border-bottom-width: 1px; width: 6.98835%;"><font>-</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;"><font>3,301,252</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 1.23001%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;"><font>-</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;"><font>-</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;"><font>3,301,392</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px 0px 0px 10px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 29.9501%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Exercise of warrants <br></font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>3,522,536</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 1.13122%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>3,523</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 1.37363%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; border-bottom-width: 1px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; border-bottom-width: 1px; width: 6.98835%;"><font>-</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>31,703</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 1.23001%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>-</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>-</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>35,226</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px 0px 0px 10px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 29.9501%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Share based payment with non-employees </font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0cm 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0cm 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;"><font>-</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 1.13122%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;"><font>-</font></td>
<td style="background: none 0% 0% repeat scroll #cceeff; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 1.37363%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; border-bottom-width: 1px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; border-bottom-width: 1px; width: 6.98835%;"><font>-</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;"><font>3,282,000</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 1.23001%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;"><font>-</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;"><font>-</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; font-weight: normal; width: 6.98835%;"><font>3,282,000</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px 0px 0px 10px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 29.9501%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Contributions from parent</font><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0cm 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0cm 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>-</font><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 1.13122%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>-</font><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 1.37363%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>-</font><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>732,776</font><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; text-align: left; height: 14px; width: 1.23001%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>-</font><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>-</font><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>732,776</font><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; text-align: left; height: 14px; width: 0.998336%;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px 0px 0px 10px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 29.9501%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Distribution to parent</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0cm 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0cm 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>-</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 1.13122%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>-</font></td>
<td style="background: none 0% 0% repeat scroll #cceeff; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 1.37363%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; border-bottom: 1px solid #000000; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; border-bottom: 1px solid #000000; width: 6.98835%;"><font>-</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;">(<font>2,105,409</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; text-align: left; width: 1.23001%;">)</td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>-</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;"><font>-</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 0.998336%;"><br></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; width: 6.98835%;">(<font>2,105,409</font></td>
<td style="background: #cceeff none repeat scroll 0% 0%; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: normal; height: 14px; text-align: left; width: 0.998336%;">)</td>
</tr>
<tr style="height: 14px;">
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0cm 0px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 29.9501%;"><b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: #000000;">Balance as of December 31, 2022<br></font></b></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0cm 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0cm 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; border-bottom: 1px solid #000000; height: 14px; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; width: 6.98835%;"><font>269,094,021</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 1.13122%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; width: 0.998336%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; width: 6.98835%;"><font>269,094</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 1.37363%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; text-align: left; border-bottom: 1px solid #000000; width: 0.998336%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; border-bottom: 1px solid #000000; width: 6.98835%;"><font>-</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; width: 0.998336%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="border-left: medium none; border-right: medium none; background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; width: 6.98835%;"><font>503,661,571</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 1.23001%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; width: 0.998336%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="border-left: medium none; border-right: medium none; background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; width: 6.98835%;">(<font>217,008,322</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; margin: 0px; text-indent: 0px; text-align: left; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;">)</td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; width: 0.998336%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="border-left: medium none; border-right: medium none; background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; width: 6.98835%;"><font>-</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; width: 0.998336%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="border-left: medium none; border-right: medium none; background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000 !important; width: 6.98835%;"><font>286,922,343</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; text-align: right; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 14px; width: 0.998336%;"><br></td>
</tr>

</table>
</div>
</div>
</div>
&nbsp;<font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font></div>
<p style="margin: 0cm 0cm 8pt; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif;"><font style="font-family: 'Times New Roman'; font-size: 10pt; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;"><font>The accomp</font>any</font>ing Notes are an integral part of these Audited Consolidated Fi<font style="line-height: inherit;">n<font style="line-height: inherit;">a<font>ncial<font style="line-height: inherit;"> Statements</font></font></font></font></font><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font>.&nbsp;</font></font></p>
</div>
<div>
<div style="border-left: none; border-right: none;">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font class="pageno" style="font-size: 10pt; line-height: inherit;">F-<font>4</font></font></td>
</tr>

</table>
</div>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br></div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="font-size: 10pt; line-height: 108%; margin: 9pt 0pt 8pt; text-indent: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff;"><font style="line-height: 17.12px; color: #000000;" lang="EN-US">Eve Holding, Inc.<br></font></b></font></div>
<div style="font-size: 10pt; line-height: 108%; margin: 9pt 0pt 8pt; text-indent: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff;"><font style="line-height: 17.12px; color: #000000;" lang="EN-US">(FORMERLY EVE UAM, LLC)<br></font></b></font></div>
<div style="font-size: 10pt; line-height: 108%; margin: 9pt 0pt 8pt; text-indent: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BF_32EHEQ1ZUO00000000000000000000"><font style="font-weight: bold;">CONSOLIDATED STATEMENTS OF CASH FLOWS</font></a></font><br></div>
<div style="font-size: 10pt; line-height: 108%; margin: 9pt 0pt 8pt; text-indent: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(in US Dollars)</font></div>
<div>
<table style="height: 557px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 100.001%; text-indent: 0px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 10px;">
<td style="padding: 0.25pt 0.25pt 0.9pt; vertical-align: bottom; height: 10px; width: 59.8621%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font> &#8203; </font></p>
</td>
<td style="padding: 0.25pt 0.25pt 0.4pt; vertical-align: bottom; height: 10px; width: 0.965517%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font> &#8203; </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 38.069%; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="10" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-weight: bold;">Year Ended <font>December 31,</font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 10px; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0.25pt 0.25pt 0.9pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; width: 59.8621%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font> &#8203; </font></p>
</td>
<td style="padding: 0.25pt 0.25pt 0.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; width: 0.965517%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font> &#8203; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: center; border-bottom: 1px solid #000000; height: 10px; width: 12.138%;" colspan="2"><font style="font-weight: bold;"><font>2022</font></font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.965517%;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 11.0345%; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="2" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-weight: bold;"> &#8203; <font>2021</font> </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.10345%; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: center; width: 9.93103%; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><font style="font-weight: bold;"><font>2020</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 10px;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 59.8621%; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-weight: bold;"> Cash flows from operating activities:&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 0.965517%; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; text-align: center; width: 11.0345%; background-color: #cceeff;"><font style="font-weight: bold;">&nbsp;</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 9.93103%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center;"><font> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 9.93103%; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 14px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px 0px 0px 5px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 59.8621%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net loss </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 0.965517%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; text-align: left; width: 1.10345%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; text-align: right; width: 11.0345%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(<font style="border-left: none; border-right: none;"><font>174,030,358</font></font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; width: 0.965517%;">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; width: 0.965517%;"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> $ </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 9.93103%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(<font>18,255,869</font></font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 14px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; height: 14px;">$</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 9.93103%; height: 14px;">(<font>9,625,942</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 14px;">)</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 5px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; width: 59.8621%; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Adjustments to reconcile net loss to net cash used in operating activities: </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; width: 0.965517%; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; text-align: right; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; text-align: right; width: 11.0345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 9.93103%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 9.93103%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 10px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 59.8621%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Amortization of capitalized software </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 0.965517%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; text-align: right; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; text-align: right; width: 11.0345%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; width: 0.965517%;"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 9.93103%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>107,931</font></font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 14px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; height: 14px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 9.93103%; height: 14px;"><font>9,056</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 14px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 59.8621%; background-color: #cceeff;">Depreciation <br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 11.0345%; background-color: #cceeff;"><font>24,879</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; text-align: right; width: 9.93103%; background-color: #cceeff;"><font><font>-</font></font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 9.93103%; height: 17px; background-color: #cceeff;"><font>-</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 59.8621%;">Non-cash lease expenses - amortization &amp; interest<br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 11.0345%;"><font>8,914</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; text-align: right; width: 9.93103%;"><font><font>-</font></font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 9.93103%; height: 17px;"><font>-</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 17px;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 59.8621%; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Long-term incentive plan expense </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 0.965517%; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; text-align: right; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; text-align: right; width: 11.0345%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>947</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; width: 0.965517%; background-color: #cceeff;"></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 9.93103%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>150,099</font> </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 9.93103%; text-align: right; height: 14px; background-color: #cceeff;">(<font>736</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 14px; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 59.8621%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Stock-based compensation</font></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 11.0345%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3,301,392</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 9.93103%;"><font>-</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 9.93103%; height: 17px;"><font>-</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 59.8621%; background-color: #cceeff;">Warrants expenses <br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 11.0345%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>98,537,955</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; text-align: left; width: 0.965517%; background-color: #cceeff;"></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 9.93103%; background-color: #cceeff;"><font>-</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 9.93103%; height: 17px; background-color: #cceeff;"><font>-</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 59.8621%;">Unrealized gains on financial investments</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 11.0345%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(<font>3,431,924</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; text-align: left; width: 0.965517%;">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 9.93103%;"><font>-</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 9.93103%; height: 17px;"><font>-</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 5px; vertical-align: bottom; border-bottom-width: 1px; width: 59.8621%; height: 17px; background-color: #cceeff;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Changes in operating assets and liabilities: </font></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 1.10345%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 11.0345%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 9.93103%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 9.93103%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; width: 59.8621%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other assets </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; width: 0.965517%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; text-align: right; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; text-align: right; width: 11.0345%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>4,840,322</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.965517%;"></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.965517%;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 9.93103%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(<font>6,270,287</font></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 9.93103%; height: 10px;">(<font>1,379</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 10px;">)</td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 59.8621%; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Related party receivables </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 0.965517%; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; text-align: right; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; text-align: right; width: 11.0345%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>206,806</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 9.93103%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(<font>220,000</font></font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; background-color: #cceeff;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 9.93103%; height: 14px; background-color: #cceeff;"><font>-</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 14px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 59.8621%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Accounts payable </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 0.965517%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; text-align: right; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; text-align: right; width: 11.0345%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1,924,083</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; width: 0.965517%;"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 9.93103%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>30,653</font></font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%;" valign="bottom"></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 14px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; height: 14px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 9.93103%; height: 14px;"><font>527,376</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 14px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 59.8621%; background-color: #cceeff;">Related party payables</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 11.0345%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2,872,871</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 17px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; text-align: right; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; text-align: right; width: 9.93103%; background-color: #cceeff;"><font>8,642,340</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; text-align: right; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 0.965517%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 1.10345%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 9.93103%; height: 17px; background-color: #cceeff;"><font>-</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 1.37931%; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 59.8621%;">Operating lease liabilities <br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; width: 11.0345%;">(<font>8,914</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 0.965517%;">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; width: 9.93103%;"><font><font><font style="border-left: none; border-right: none;"><font>-</font></font></font></font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 9.93103%; height: 17px;"><font>-</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 17px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; height: 15px; border-bottom-width: 1px; width: 59.8621%; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other payables </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; border-bottom-width: 1px; width: 0.965517%; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 15px; text-align: right; border-bottom: 1px solid #000000; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 15px; text-align: right; border-bottom: 1px solid #000000; width: 11.0345%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>6,295,481</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 15px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 15px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 15px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 15px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 9.93103%; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>929,123</font> </font></p>
</td>
<td style="padding: 0px; height: 15px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.10345%; height: 15px; border-bottom: 1pt solid #000000; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; width: 9.93103%; height: 15px; border-bottom: 1pt solid #000000; background-color: #cceeff;"><font>62,836</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 15px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; font-weight: bold; width: 59.8621%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Net cash used in operating activities&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; font-weight: bold; width: 0.965517%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; text-align: right; font-weight: bold; border-bottom: 1px solid #000000; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; text-align: right; font-weight: bold; border-bottom: 1px solid #000000; width: 11.0345%;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(<font style="border-left: none; border-right: none;"><font>59,457,546</font></font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; font-weight: bold; border-bottom-width: 1px; width: 0.965517%;">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; font-weight: bold; border-bottom-width: 1px; width: 0.965517%;"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; border-bottom: 1px solid #000000; width: 1.10345%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; border-bottom: 1px solid #000000; width: 9.93103%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>14,886,010</font> </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 0.965517%;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 0.965517%; height: 14px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; width: 1.10345%; height: 14px; border-bottom: 1pt solid #000000;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; text-align: right; width: 9.93103%; height: 14px; border-bottom: 1pt solid #000000;">(<font>9,028,789</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 1.37931%; height: 14px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 59.8621%; background-color: #cceeff;"><font style="font-weight: bold;">Cash flows from investing activities:&nbsp;</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: right; border-bottom-width: 1px; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: right; border-bottom-width: 1px; width: 11.0345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; width: 9.93103%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 9.93103%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 59.8621%;">Purchases of investment securities</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: right; border-bottom-width: 1px; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: right; border-bottom-width: 1px; width: 11.0345%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(<font>177,000,000</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; width: 0.965517%;">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; border-bottom-width: 1px; width: 9.93103%;"><font>-</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.965517%; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.10345%; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; width: 9.93103%; height: 17px;"><font>-</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.37931%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; height: 17px; line-height: 108%; margin: 0pt; text-align: justify; width: 59.8621%; background-color: #cceeff;">&nbsp;&nbsp;<font style="font-family: 'Times New Roman'; font-size: 10pt; ;font-weight: normal;"> Related party loan</font> <br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; height: 17px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; font-weight: bold; height: 17px; border-bottom-width: 1px; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; border-bottom-width: 1px; width: 11.0345%; background-color: #cceeff;">(<font>81,000,000</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; width: 0.965517%; background-color: #cceeff;">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; height: 17px; border-bottom-width: 1px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; height: 17px; border-bottom-width: 1px; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; font-weight: bold; height: 17px; border-bottom-width: 1px; width: 9.93103%; background-color: #cceeff;"><font>-</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; height: 17px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 0.965517%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 1.10345%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; text-align: right; width: 9.93103%; height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 1.37931%; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; height: 17px; width: 59.8621%;">&nbsp;&nbsp; <font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Property, plant &amp; equipment</font><br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; font-weight: bold; height: 17px; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; width: 11.0345%;">(<font>476,465</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 0.965517%;">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; height: 17px; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; font-weight: bold; height: 17px; width: 9.93103%;"><font>-</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 0.965517%; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 1.10345%; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; text-align: right; width: 9.93103%; height: 17px;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 1.37931%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; font-weight: bold; width: 59.8621%; background-color: #cceeff;">Net cash used in investing activities</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; font-weight: bold; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: right; border-bottom: 1px solid #000000; font-weight: bold; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: right; border-bottom: 1px solid #000000; font-weight: bold; width: 11.0345%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(<font style="border-left: none; border-right: none;"><font>258,476,465</font></font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; font-weight: bold; width: 0.965517%; background-color: #cceeff;">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; font-weight: bold; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; font-weight: bold; border-bottom-width: 1px; width: 1.10345%; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; font-weight: bold; border-bottom-width: 1px; width: 9.93103%; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="border-left: none; border-right: none;"><font>-</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; font-weight: bold; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 0.965517%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; width: 1.10345%; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; text-align: right; width: 9.93103%; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 1.37931%; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 59.8621%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Cash flows from financing activities: </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 0.965517%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; text-align: right; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; text-align: right; width: 11.0345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; width: 0.965517%;"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 9.93103%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 14px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; height: 14px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 9.93103%; height: 14px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 14px;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 59.8621%; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Transfer from parent </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 0.965517%; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; text-align: right; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; text-align: right; width: 11.0345%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 14px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 9.93103%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,262,533</font> </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 9.93103%; height: 14px; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>9,028,789</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 14px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 59.8621%;"><!--StartFragment --><font>Capital contribution net of transaction costs reimbursed to Zanite</font><!--EndFragment --></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; text-align: right; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; text-align: right; width: 11.0345%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>369,830,250</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; text-align: right; width: 9.93103%;"><font>15,000,000</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 9.93103%; height: 17px;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 59.8621%; background-color: #cceeff;">Transaction Costs <font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000;" lang="EN-US">reimbursed to parent</font> <br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: right; border-bottom-width: 1px; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: right; border-bottom-width: 1px; width: 11.0345%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(<font>15,754,066</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; width: 0.965517%; background-color: #cceeff;">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; border-bottom-width: 1px; width: 9.93103%; background-color: #cceeff;"><font>-</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; text-align: right; width: 9.93103%; height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; height: 17px; width: 59.8621%;"><font style="padding: 0px 0px 0px 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; font-weight: normal;"><font>Distribution to parent, net<br></font></font></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; font-weight: bold; height: 17px; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; width: 11.0345%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(<font>1,372,633</font></font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 0.965517%;">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; height: 17px; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; height: 17px; text-align: right; width: 9.93103%;"><font>-</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 0.965517%; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 1.10345%; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; text-align: right; width: 9.93103%; height: 17px;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 1.37931%; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; font-weight: bold; width: 59.8621%; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-weight: bold;"> Net cash provided by financing activities </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; font-weight: bold; width: 0.965517%; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; border-bottom: 1px solid #000000; font-weight: bold; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; border-bottom: 1px solid #000000; font-weight: bold; width: 11.0345%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><font>352,703,551</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; font-weight: bold; border-bottom-width: 1px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; font-weight: bold; border-bottom-width: 1px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; border-bottom-width: 1px; width: 1.10345%; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="font-size: 11pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 11pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; border-bottom-width: 1px; width: 9.93103%; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>29,262,533</font> </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 0.965517%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 0.965517%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; width: 1.10345%; height: 10px; border-bottom: 1pt solid #000000; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; text-align: right; width: 9.93103%; height: 10px; border-bottom: 1pt solid #000000; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>9,028,789</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 1.37931%; height: 10px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 59.8621%;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; color: #000000; display: inline !important;"><font>Increase in cash and cash equivalen</font>ts</font></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; border-bottom: 1px solid #000000; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; border-bottom: 1px solid #000000; width: 11.0345%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>34,769,540</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; width: 1.10345%; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 10px; border-bottom-width: 1px; width: 9.93103%; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font>14,376,523</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.965517%; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.10345%; height: 10px; border-bottom: 1pt solid #000000;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; width: 9.93103%; height: 10px; border-bottom: 1pt solid #000000;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.37931%; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; font-weight: bold; width: 59.8621%; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cash and cash equivalents at the beginning of the period </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; font-weight: bold; width: 0.965517%; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; border-bottom: 1px solid #000000; font-weight: bold; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; border-bottom: 1px solid #000000; font-weight: bold; width: 11.0345%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>14,376,523</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; font-weight: bold; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; font-weight: bold; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; border-bottom-width: 1px; width: 1.10345%; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; border-bottom-width: 1px; width: 9.93103%; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>-</font></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 0.965517%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 0.965517%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; width: 1.10345%; height: 10px; border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; text-align: right; width: 9.93103%; height: 10px; border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 1.37931%; height: 10px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; font-weight: bold; width: 59.8621%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Cash and cash equivalents at the end of the period </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; font-weight: bold; width: 0.965517%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom: 1px solid #000000; text-align: left; font-weight: bold; width: 1.10345%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; border-bottom: 1px solid #000000; font-weight: bold; width: 11.0345%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>49,146,063</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; font-weight: bold; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; font-weight: bold; width: 0.965517%;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 1.10345%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> $ </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 9.93103%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>14,376,523</font></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 0.965517%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 0.965517%; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; text-align: left; width: 1.10345%; height: 10px; border-bottom: 1pt solid #000000;">$</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-weight: bold; text-align: right; width: 9.93103%; height: 10px; border-bottom: 1pt solid #000000;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 1.37931%; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 59.8621%; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Supplemental disclosure of other noncash investing and income taxes paid<br></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.965517%; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; border-bottom-width: 1px; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; border-bottom-width: 1px; width: 11.0345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.10345%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 9.93103%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.965517%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.965517%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.10345%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; width: 9.93103%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.37931%; height: 10px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: middle; height: 10px; width: 59.8621%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Additions to capitalized software transferred by parent </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.965517%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: left; width: 1.10345%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; width: 11.0345%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 0.965517%;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.10345%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> $ </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.93103%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>784,241</font></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.965517%;" valign="bottom"></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.965517%; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; width: 1.10345%; height: 10px;">$</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; width: 9.93103%; height: 10px;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>16,494</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.37931%; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10px; vertical-align: middle; height: 10px; width: 59.8621%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Income tax paid</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; height: 10px; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 10px; width: 11.0345%; background-color: #cceeff;"><font style="border-left: none; border-right: none;"><font>970,253</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 0.965517%; background-color: #cceeff;"></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 10px; width: 9.93103%; background-color: #cceeff;"><font style="border-left: none; border-right: none;"><font>-</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.965517%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.10345%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; width: 9.93103%; height: 10px; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.37931%; height: 10px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: middle; height: 17px; width: 59.8621%;">Recognition of the operating assets ROU assets<br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; height: 17px; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; width: 11.0345%;"><font>224,210</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 1.10345%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; width: 9.93103%;"><font>-</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.965517%; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.10345%; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; width: 9.93103%; height: 17px;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.37931%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10px; vertical-align: middle; height: 17px; width: 59.8621%; background-color: #cceeff;">Recognition of the operating lease liabilities<br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; height: 17px; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; width: 11.0345%; background-color: #cceeff;">(<font>224,210</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 0.965517%; background-color: #cceeff;">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 1.10345%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; width: 9.93103%; background-color: #cceeff;"><font>-</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 0.965517%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.965517%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.10345%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; width: 9.93103%; height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>-</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.37931%; height: 17px; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: left; text-indent: 0px;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: left;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: center;"><font style="font-size: 7pt;"><font style="line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">&nbsp;</font></font><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">The accompany</font>ing Notes are an integral part of these Audited Consolidated<font style="line-height: inherit;"> Finan<font style="line-height: inherit;">cial Statements</font></font></font><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;">.&nbsp;</font></font></font></font></font></p>
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font class="pageno" style="font-size: 10pt;">F-<font>5</font></font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br></div>
</div>
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
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<p style="margin: 0pt; color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; line-height: 1.2; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><b style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff;"><font style="line-height: inherit; color: #000000;" lang="EN-US">Eve Holding, Inc.<br></font></b></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; line-height: 1.2; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><b style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff;"><font style="line-height: inherit; color: #000000;" lang="EN-US">(FORMERLY EVE UAM, LLC)<br></font></b></font></p>
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<div style="margin: 0pt; color: #000000; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BG_M52GSD9O1S00000000000000000000"><font style="font-weight: bold; line-height: inherit;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></a></font></div>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: inherit;" lang="EN-US"><font style="line-height: inherit;"><font style="border-left: none; border-right: none; line-height: inherit;">1</font>.<font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></font></font></b><b style="mso-bidi-font-weight: normal;"><font style="line-height: inherit;" lang="EN-US">Organization and Nature of Business</font></b></font></p>
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<p style="text-align: justify; text-indent: 22.5pt; margin: 0cm 0cm 8pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><b><font style="line-height: inherit;" lang="EN-US">The Company and Nature of Business</font></b></font></p>
<p style="text-align: justify; text-indent: 22.5pt; margin: 0cm 0cm 8pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman';"><font lang="EN-US">Eve Holding, Inc. (together with its subsidiaries, as applicable, &#8220;Eve&#8221;, the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221; or &#8220;our&#8221;), a Delaware corporation, is an aerospace company with operations in Melbourne, Florida, and Brazil. The Company is a former blank check company incorporated on November 19, 2020, under the name Zanite Acquisition Corp. (&#8220;Zanite&#8221;) as a Delaware corporation and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with <font>one</font> or more businesses.&nbsp;</font><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US"><font style="font-size: 10pt; line-height: 14.2667px; font-family: 'times new roman', times;" lang="EN-US">&nbsp;</font></font><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US"><font style="font-size: 10pt; line-height: 1.2; font-family: 'times new roman', times; text-align: justify; text-indent: 22.5pt; margin: 0cm 0cm 8pt;" lang="EN-US"></font></font></p>
<p style="text-align: justify; text-indent: 22.5pt; margin: 0cm 0cm 8pt; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US">Eve is dedicated to accelerating the urban air mobility (<font style="line-height: inherit;" lang="EN-US">&#8220;</font>UAM<font style="line-height: inherit;" lang="EN-US">&#8221;)</font> ecosystem. Benefitting from a startup mindset and with a singular focus, Eve is taking a holistic approach to progressing the UAM ecosystem, with an advanced <font style="line-height: inherit;" lang="EN-US">electrical vertical take-off and landing (&#8220;eVTOL&#8221;)</font> project, a comprehensive global services and support network and a unique air traffic management solution.&nbsp;</font></p>
<p style="text-align: justify; text-indent: 22.5pt; margin: 0cm 0cm 8pt; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US"></font><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><b><font style="line-height: inherit;" lang="EN-US">Business Combination</font></b></font></p>
<p style="text-align: justify; text-indent: 22.5pt; margin: 0cm 0cm 8pt; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US">On December 21, 2021, Zanite entered into a BCA with ERJ, Embraer Aircraft Holding, Inc., a Delaware corporation (&#8220;EAH&#8221;) wholly owned by ERJ, and EVE UAM, LLC, a Delaware limited liability company (&#8220;Eve Sub&#8221;), a former subsidiary of EAH, that was formed for purposes of conducting the UAM Business (as defined in the BCA).</font></p>
<p style="text-align: justify;text-indent: 22.5pt;margin: 0cm 0cm 8pt;line-height: 1.2;font-size: 10pt;font-family: 'times new roman', times;"><font lang="EN-US">On May 9, 2022, in accordance with the BCA, the closing (the &#8220;Closing&#8221;) of the transactions contemplated by the BCA (the &#8220;Business Combination&#8221;) occurred, pursuant to which Zanite issued <font>220,000,000</font> shares of Class A common stock to EAH in exchange for the transfer by EAH to Zanite of all of the issued and outstanding limited liability company interests of Eve Sub (the &#8220;Equity Exchange&#8221;). As a result of the Business Combination, Eve is now a wholly-owned subsidiary of Zanite, which has changed its name to &#8220;Eve Holding, Inc.&#8221;</font></p>
<p style="text-align: justify;text-indent: 22.5pt;margin: 0cm 0cm 8pt;line-height: 1.2;font-size: 10pt;font-family: 'times new roman', times;"><font lang="EN-US">On December 21, 2021, December 24, 2021, March 9, 2022, March 16, 2022, and April 4, 2022, in connection with the Business Combination, Zanite entered into subscription agreements or amendments thereto (as amended from time to time, the &#8220;Subscription Agreements&#8221;) with certain investors, including certain strategic investors and/or investors with existing relationships with ERJ (the &#8220;Strategic Investors&#8221;), Zanite Sponsor LLC, a Delaware limited liability company (the &#8220;Sponsor&#8221;), and EAH (collectively, the &#8220;PIPE Investors&#8221;), pursuant to which, and on the terms and subject to the conditions of which, Zanite agreed to issue and sell to the PIPE Investors in private placements to close immediately prior to the Closing, an aggregate of <font>35,730,000</font> shares of Class A common stock at a purchase price of $<font><font>10.00</font></font> per share, for an aggregate purchase price of $<font>357,300,000</font>, which included the commitment of the Sponsor to purchase <font>2,500,000</font> shares of Class A common stock for a purchase price of $<font>25,000,000</font> and the commitment of EAH to purchase <font>18,500,000</font> shares of Class A common stock for a purchase price of $<font>185,000,000</font> (the &#8220;PIPE Investment&#8221;). The PIPE Investment was consummated substantially concurrently with the Closing.</font></p>
<p style="text-align: justify; text-indent: 22.5pt; margin: 0cm 0cm 8pt; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US"> <font style="color: #000000; line-height: inherit;" lang="EN-US">Upon Closing, all shares of Zanite Class A and Class B common stock were converted into, on a&nbsp;<font style="line-height: inherit;"><font><font><font style="border-left: none; border-right: none;"><font>one-for-one</font></font></font></font></font>&nbsp;basis, shares of common stock of Eve Holding.</font></font></p>
<p style="text-align: justify; text-indent: 22.5pt; margin: 0cm 0cm 8pt; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif;"><font style="font-family: 'times new roman', times; text-align: justify; text-indent: 22.5pt; margin: 0cm 0cm 8pt; line-height: inherit; font-size: 10pt;" lang="EN-US"><font>Both ERJ and Zanite<font style="color: #000000; line-height: inherit;" lang="EN-US">&#8217;</font>s sponsors incurred costs in connection with the business combination (<font style="line-height: inherit;" lang="EN-US">&#8220;</font>Transaction Costs&#8221;). The Transaction Costs that were determined to be directly attributable and incremental to the Company, as the primary beneficiary of these expenses, and incurred related to the Business Combination were deferred and recorded as other assets in the balance sheet until the Closing. Such costs were subsequently recorded either as an expense of the Business Combination or a reduction of cash contributed with a corresponding reduction of additional paid-in capital if they were attributable to <font>one</font> or multiple sub-transactions of the Business Combination.</font></font></p>
<p style="text-align: justify; text-indent: 22.5pt; margin: 0cm 0cm 8pt; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><b><font style="line-height: inherit;" lang="EN-US">Accounting Treatment of the Business Combination</font></b></font></p>
<p style="text-align: justify; text-indent: 22.5pt; margin: 0cm 0cm 8pt; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US">The Business Combination was accounted for as a reverse recapitalization, equivalent to the issuance of shares by Eve Sub for the net monetary assets of Zanite accompanied by a recapitalization. Accordingly, the consolidated assets, liabilities and results of operations of Eve Sub (or the &#8220;UAM Business&#8221;, as applicable) became the historical financial statements of the Company, and the assets, liabilities and results of operations of Zanite were consolidated with Eve Sub beginning on the Closing date. For accounting purposes, the financial statements of the Company represent a continuation of the financial statements of Eve Sub. The net assets of Zanite were recorded at historical costs, with no goodwill or other intangible assets recorded. Operations prior to the transaction are presented as those of Eve Sub (or the &#8220;UAM Business", as applicable) in future reports of the Company.</font></p>
<p style="margin: 0cm 0cm 8pt; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="line-height: inherit;" lang="EN-US">The financial statements included in this report reflect (i) the historical operating results of Eve Sub prior to the Business Combination; (ii) the combined&nbsp;</font><font style="line-height: inherit;" lang="EN-US">results of Eve Sub and Zanite following the Closing</font></font><font style="font-size: 10pt; line-height: inherit; font-family: 'Times New Roman', serif; text-align: justify; text-indent: 35.45pt; margin: 0cm 0cm 8pt;" lang="EN-US"><font style="font-family: 'times new roman', times; line-height: inherit;">; (iii) the assets and liabilities of Eve Sub at their historical cost; and (iv) the Company&#8217;s equity structure for all periods presented.</font></font></p>
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<p style="text-align: justify; text-indent: 22.5pt; margin: 0cm 0cm 8pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US"><font lang="EN-US">EAH did not lose control over Eve Sub as a result of the Closing because EAH held approximately <font>90</font>% of Eve&#8217;s shares immediately after the Closing. Therefore, the transaction did not result in a change in control that would otherwise necessitate business combination accounting.&nbsp;</font></font><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US"><font style="line-height: inherit;" lang="EN-US"><br></font></font></p>
<p style="text-align: justify; text-indent: 22.5pt; margin: 0cm 0cm 8pt; line-height: 107%; font-size: 10pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="line-height: inherit;" lang="EN-US"><font style="font-weight: bold; line-height: inherit;">COVID-<font><font>19</font></font> Pandemic</font></font></font></p>
<p style="text-align: justify; text-indent: 22.5pt; margin: 0cm 0cm 8pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman';"><font lang="EN-US">The World Health Organization declared a global emergency on January 30, 2020, with respect to the outbreak of a novel strain of coronavirus, or&nbsp;COVID-<font>19</font>&nbsp;pandemic. There are many uncertainties regarding the continuing global&nbsp;COVID-<font>19</font>&nbsp;pandemic, the full impact of which continues to evolve as of the date hereof. Eve is closely monitoring the&nbsp;COVID-<font>19</font>&nbsp;pandemic situation and its impacts on its employees, operations, the global economy, the supply and the demand for its products and services, including the UAM Business. </font></p>
<p style="text-align: justify; text-indent: 22.5pt; margin: 0cm 0cm 0pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000; line-height: inherit;" lang="EN-US">The full magnitude that the pandemic will have on the Company&#8217;s financial condition, liquidity, and future results of operations remains uncertain. Management is actively monitoring the situation on its operations, suppliers, industry, and workforce.&nbsp;</font></p>
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<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0px; text-indent: 0px; font-weight: bold;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font style="border-left: none; border-right: none; line-height: inherit;">2</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">.&nbsp;</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Summary of Sign<font style="line-height: inherit;">ifican<font style="line-height: inherit;">t <font style="line-height: inherit;"><font style="line-height: inherit;">Accounting Policies</font></font></font></font></font></p>
<p style="font-family: 'times new roman', times; margin: 0pt; text-align: justify; font-size: 7pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Basis of Presentation&nbsp;</font></p>
<p style="margin: 8pt 0pt 0pt; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;" lang="EN-US">Prior to the separation from ERJ, Eve Sub has historically operated as part of ERJ and not as a standalone company. </font></font></font><font style="font-size: 10.0pt;" lang="EN-US">F<font>or periods as of and for the year ended December 31, 2021, and prior to December 31, 2021, the audited combined financial statements have been derived from ERJ and EAH historical accounting records and are presented on a carve-out basis (<font style="line-height: inherit;">&#8220;</font>T</font>he Urban Air Mobility Business of <font>Embraer</font> S.A<font style="line-height: inherit;">&#8221;)</font>. After the contribution of the UAM assets by ERJ and EAH <font>(i.e., from</font> December 31, 2021, until the Closing) the combined financial statements have been derived from Eve Sub and <font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;" lang="PT-BR">Eve Solu&#231;&#245;es de Mobilidade A&#233;rea Urbana Ltda. </font></font><font style="color: black; line-height: inherit; margin: 8pt 0pt; text-align: justify; text-indent: 20pt;" lang="EN-US"><font style="color: black; line-height: inherit;">(<font><font style="line-height: inherit;">&#8220;</font></font>Eve Brazil<font style="line-height: inherit;">&#8221;</font>) books. After the Closing the consolidated financial statements&nbsp; have been derived from the Company<font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000;" lang="EN-US">&#8217;</font>s combined figures to retroactively recast the recapitalization of equity including EPS for all periods presented.</font></font></font></font></p>
<p style="margin: 8pt 0pt 0pt; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;" lang="EN-US">The audited combined financial statements as of and for the year ended December 31, 2021, </font></font></font><font style="font-size: 10pt; line-height: inherit;" lang="EN-US">and for periods prior to December 31, 2021, </font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;" lang="EN-US">have been derived from ERJ and EAH historical accounting records and are presented on a carve-out basis. As of January 1, 2022, Eve Sub began accounting for its financial activities as an independent entity.</font></font></font></p>
<p style="margin: 8pt 0pt 0pt; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;" lang="PT-BR">The balances of </font></font><font style="color: black; line-height: inherit; margin: 8pt 0pt; text-align: justify; text-indent: 20pt;" lang="EN-US"><font style="color: black; line-height: inherit;">Eve Brazil, a direct wholly-owned subsidiary of Eve, that were recorded in a foreign currency, were converted/translated into its functional currency, the US dollar, before being presented on the consolidated financial statements.</font></font></font></p>
<p style="margin: 8pt 0pt 0pt; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: black; line-height: inherit; margin: 8pt 0pt; text-align: justify; text-indent: 20pt;" lang="EN-US"><font style="color: black; line-height: inherit;">ERJ started charging the UAM business related R&amp;D and G&amp;A expenses to Eve through the Master Service Agreement (<font style="font-size: 10.0pt;" lang="EN-US"><font><font style="line-height: inherit;">&#8220;</font></font></font>MSA<font style="font-size: 10.0pt;" lang="EN-US"><font style="line-height: inherit;">&#8221;</font></font>) and Shared Service Agreement (<font style="font-size: 10.0pt;" lang="EN-US"><font><font style="line-height: inherit;">&#8220;</font></font></font>SSA<font style="font-size: 10.0pt;" lang="EN-US"><font style="line-height: inherit;">&#8221;</font></font>), respectively. Therefore, there was no need to continue carving out expenses from ERJ and EAH.</font></font></font></p>
<p style="margin: 8pt 0pt 0pt; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: black; line-height: inherit; margin: 8pt 0pt; text-align: justify; text-indent: 20pt;" lang="EN-US"><font style="color: black; line-height: inherit;">All intercompany transactions&#8217; balances between Eve Sub and <font style="line-height: inherit;">Eve Brazil</font> (collectively, the <font style="font-size: 10.0pt;" lang="EN-US"><font><font style="line-height: inherit;">&#8220;</font></font></font>Eve Entities<font style="font-size: 10.0pt;" lang="EN-US"><font style="line-height: inherit;">&#8221;</font></font>) were eliminated.&nbsp;</font></font></font></p>
<p style="margin: 8pt 0pt 0pt; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Until the Closing date, the audited consolidated financial statements of Eve Sub reflect the assets, liabilities, and expenses that management determined to be specifically attributable to Eve Sub, as well as allocations of certain corporate level assets, liabilities and expenses, deemed necessary to fairly present the financial position, results of operations and cash flows of Eve, as discussed further below. Management believes that the assumptions used as basis for the allocations of expenses, direct and indirect, as well as assets and liabilities in the audited consolidated financial statements are reasonable. However, these allocations may not be indicative of the actual amounts that would have been recorded had Eve operated as an independent, publicly traded company for the periods presented.&nbsp;</font></p>
<p style="margin: 8pt 0pt 0pt; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prior to May 9, 2022, as a part of ERJ, Eve Sub was dependent upon ERJ for all of its working capital and financing requirements, as ERJ uses a centralized approach to cash management and financing its operations. Accordingly, cash and cash equivalents, debt or related interest expense have not been allocated to Eve. Financing transactions related to Eve were accounted for as a component of Net Parent Investment in the audited consolidated balance sheets and as a financing activity on the accompanying audited consolidated statements of cash flows.&nbsp;&nbsp;</font></p>
<p style="margin: 8pt 0pt 0pt; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;" lang="EN-US">The accompanying financial statements are presented in U.S. dollars, unless otherwise noted, and have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) and pursuant to the accounting and disclosure rules and regulations of the SEC.&nbsp;</font></p>
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<div><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><font style="line-height: inherit;" lang="EN-US">Change in carve-out methodology</font> </font>
<p style="margin: 8pt 0pt 0pt; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;" lang="EN-US">The carve-out methodology was used since Eve Sub&#8217;s inception in <font>2017</font> until the Closing date. Thus, after May 9, 2022, no carve-out amounts were included in Eve&#8217;s financial statements.</font></p>
<p style="margin: 8pt 0pt 0pt; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;" lang="EN-US">As of the Closing, ERJ concluded that all the assets and liabilities of Eve Sub were contributed by ERJ. No other assets or liabilities are evaluated to be attributable to Eve Sub, eliminating the necessity to allocate a portion of ERJ&#8217;s assets and liabilities to Eve on a carve-out basis. Thus, Management deemed it to be more appropriate to adopt a legal entity approach as of January 1, 2022, rather than a management approach.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center; height: 15px;"><font class="pageno" style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">F-<font>7</font></font></td>
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<p style="margin: 8pt 0pt 0pt; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;" lang="EN-US">The management approach takes into consideration the assets that are being transferred to determine the most appropriate financial statement presentation. A management approach may also be appropriate when a parent entity needs to prepare financial statements for the sale of a legal entity, but prior to divestiture, certain significant operations of the legal entity are contributed to the parent in a common control transaction. On the other hand, the legal entity approach is often appropriate in circumstances when the transaction structure is aligned with the legal entity structure of the divested entity. <font>One</font> example would be when shares of a legal entity or a consolidated group of legal entities are divested. If the legal entity approach is deemed appropriate, all historical results of the legal entity, including those that are not ultimately transferred, should be presented in the historical financial statements through the date of transfer<font style="color: #000000; line-height: inherit;">.&nbsp;</font></font></font></p>
<p style="margin: 8pt 0pt 0pt; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: black; text-align: justify; text-indent: 22.5pt; line-height: inherit; margin: 8pt 0cm;" lang="EN-US"><font style="color: black; line-height: inherit;">On December 14, 2021, the Company signed with ERJ the MSA and the SSA, through which ERJ charges Eve Sub for a significant part of the expenses Eve Sub was previously carving out. As previously explained, only a minor portion of Eve&#8217;s expenses, comprised of general overhead expenses, were allocated to Eve in order to better present its results in a stand-alone basis. For additional discussion of the MSA and SSA, refer to Note <font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font>4</font></font></font></font> Related Party Transactions.</font></font></p>
<p style="margin: 8pt 0pt 0pt; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #000000; line-height: inherit;" lang="EN-US">Since the financial activities from <font style="line-height: inherit; color: #000000;" lang="EN-US">the MSA and SSA signature date</font> to <font>December 31, 2021, </font>were immaterial, Management chose to continue with the management approach for all of the year ended <font>December 31, 2021, </font>and to use the legal entity approach beginning January 1, 2022. <font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;">Management continued to use the legal entity approach until the <font style="line-height: inherit; color: #000000;" lang="EN-US">Business Combination was consummated</font> on May 9, 2022 (i.e., after this date no carve-out amounts were added to Eve<font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000;" lang="EN-US">&#8217;s</font> financial statements).&nbsp;</font></font></font></font><font style="color: #000000; line-height: inherit;" lang="EN-US"><font style="line-height: inherit;"><font style="line-height: inherit;">The Company has recorded the impacts of the balance sheet adjustment (i.e., separation-related adjustment) for the change in methodology as adjustments to the January 1, 2022 beginning balance sheet and not as a period activity attributable to the twelve<font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">-month period ended December<font style="border-left: none; border-right: none; line-height: inherit;"> 31, 2022</font></font>. The January 1, 2022 beginning balance sheet adjustments from the <font>December 31, 2021</font> <font style="line-height: inherit;">balances were as follows:</font></font></font></font></font></p>
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<p style="text-align: justify; text-indent: 0px; line-height: 1.2; margin: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;" lang="EN-US"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;">Separation-related&nbsp;adjustments</font></font></font></font></p>
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<td style="text-decoration: #333333; padding: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: #333333; padding: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; height: 10px; border-bottom: 0.75pt solid #000000 !important;"><br></td>
<td style="text-decoration: #000000; padding: 0px; color: #000000; font-size: 7pt; font-weight: bold; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: center; height: 10px; margin: 0px; text-indent: 0px; border-bottom: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">As of <font>December 31,</font></font></td>
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<td style="text-decoration: #000000; padding: 0px; color: #000000; font-size: 7pt; font-weight: bold; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom-width: 1px; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: #000000; padding: 0px; color: #000000; font-size: 7pt; font-weight: bold; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: center; height: 10px; margin: 0px; text-indent: 0px; border-bottom: 0.75pt solid #000000 !important;"><br></td>
<td style="padding: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: center; height: 10px; margin: 0px; text-indent: 0px; border-bottom: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font style="font-weight: bold; line-height: inherit;">Separation-Related</font> </font><br></td>
<td style="padding: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1px; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1px; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 10px; margin: 0px; text-indent: 0px; border-bottom: 0.75pt solid #000000 !important;"><br></td>
<td style="text-decoration: #000000; padding: 0px; color: #000000; font-size: 7pt; font-weight: bold; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: center; height: 10px; margin: 0px; text-indent: 0px; border-bottom: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">As of January 1,</font></td>
<td style="text-decoration: #000000; padding: 0px; color: #000000; font-size: 7pt; font-weight: bold; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: center; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
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<td style="height: 14px; text-decoration: solid #333333; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap;" height="19"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">&#8203;</font></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px; border-bottom: 0.75pt solid #000000 !important;"><br></td>
<td style="text-decoration: solid #000000; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 7pt; font-weight: bold; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: center; height: 14px; border-bottom: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>2021</font></font></td>
<td style="text-decoration: solid #000000; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 7pt; font-weight: bold; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: center; height: 14px; border-bottom-width: 1px;"><br></td>
<td style="text-decoration: solid #000000; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 7pt; font-weight: bold; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: center; height: 14px; border-bottom-width: 1px;"><br></td>
<td style="text-decoration: solid #000000; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 7pt; font-weight: bold; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: center; height: 14px; border-bottom: 0.75pt solid #000000 !important;"><br></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; text-align: center; border-bottom: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: pre-wrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important; color: #000000;">Adjustment</font></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px;"><br></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px;"><br></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom: 0.75pt solid #000000 !important;"><br></td>
<td style="text-decoration: solid #000000; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 7pt; font-weight: bold; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: center; height: 14px; border-bottom: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>2022</font></font></td>
<td style="text-decoration: solid #000000; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 7pt; font-weight: bold; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: center; height: 14px;"><br></td>
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<td style="height: 14px; text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" height="19"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold; color: #000000;">ASSETS</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; background-color: #cceeff; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">&#8203;<br></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; background-color: #cceeff;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; background-color: #cceeff; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">&#8203;</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; background-color: #cceeff;"><br></td>
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<td style="height: 14px; text-decoration: solid #333333; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap;" height="19"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">Current assets:</font></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="height: 14px; text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 31px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; width: 44%;" height="19"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">Cash and equivalents</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">$</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 16%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>14,376,523</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; text-align: left; background-color: #cceeff; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important; color: #000000;">$</font><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 16%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">(<font>8</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">)</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; text-align: left; background-color: #cceeff; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important; color: #000000;">$</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 16%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>14,376,515</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="height: 14px; text-decoration: solid #333333; padding-top: 1px; padding-right: 1px; padding-left: 31px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap;" height="19"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">Related party receivables</font></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>220,000</font></font></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>-</font></font></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>220,000</font></font></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="height: 14px; text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 31px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" height="19"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">Other current assets</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>6,274,397</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">(<font>8,567</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">)</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>6,265,830</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="height: 14px; text-decoration: solid #333333; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap;" height="19"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">Total current assets</font></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><br></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>20,870,920</font></font></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><br></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">(<font>8,575</font></font></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">)</font></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><br></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>20,862,345</font></font></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="height: 14px; text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 31px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" height="19"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">Capitalized software, net</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>699,753</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">(<font>699,753</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">)</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>-</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="height: 14px; text-decoration: solid #333333; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap;" height="19"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">Total assets</font></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; color: #000000;">$</font></td>
<td style="text-decoration: solid #000000; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 7pt; font-weight: bold; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; border-bottom: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>21,570,673</font></font></td>
<td style="text-decoration: solid #000000; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 7pt; font-weight: bold; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: solid #000000; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 7pt; font-weight: bold; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: solid #000000; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 7pt; font-weight: bold; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px; text-align: left; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; color: #000000;">$</font></td>
<td style="text-decoration: solid #000000; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 7pt; font-weight: bold; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">(<font>708,328</font></font></td>
<td style="text-decoration: solid #000000; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 7pt; font-weight: bold; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">)</font></td>
<td style="text-decoration: solid #000000; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 7pt; font-weight: bold; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: solid #000000; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 7pt; font-weight: bold; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px; text-align: left; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; color: #000000;">$</font></td>
<td style="text-decoration: solid #000000; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 7pt; font-weight: bold; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>20,862,345</font></font></td>
<td style="text-decoration: solid #000000; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 7pt; font-weight: bold; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="height: 14px; text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" height="19"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold; color: #000000;">LIABILITIES AND NET PARENT EQUITY <br></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="height: 14px; text-decoration: solid #333333; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap;" height="19"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">Current liabilities:</font></td>
<td style="text-decoration: solid #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="height: 14px; text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 31px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" height="19"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">Accounts payable<br></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>877,641</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">(<font>718,232</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">)</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>159,409</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 30px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: normal; text-decoration: none; font-weight: normal; line-height: inherit; color: #000000;">Related party payables</font><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-width: 1px; margin: 0px; text-indent: 0px; line-height: 1.1; height: 17px;"><font style="border-left: medium none; border-right: medium none; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important; color: #000000;"><font>8,642,340</font></font><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-width: 1px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-width: 1px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-width: 1px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-width: 1px; margin: 0px; text-indent: 0px; line-height: 1.1; height: 17px;"><font style="border-left: medium none; border-right: medium none; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important; color: #000000;"><font>1,110,032</font></font><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1px; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-width: 1px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-width: 1px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom-width: 1px; margin: 0px; text-indent: 0px; line-height: 1.1; height: 17px;"><font style="border-left: medium none; border-right: medium none; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important; color: #000000;"><font>9,752,372</font></font><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="height: 14px; text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 31px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" height="19"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">Derivative financial instruments</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>32,226</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">(<font>32,226</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">)</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>-</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="height: 14px; text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 31px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap;" height="19"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">Other payables<br></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>616,156</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">(<font>94,361</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">)</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; border-bottom: 0.75pt solid #000000 !important;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; border-bottom: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>521,795</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="height: 14px; text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" height="19"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">Total current liabilities</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>10,168,363</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>265,213</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>10,433,576</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="height: 14px; text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 31px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap;" height="19"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">Other noncurrent payables</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>702,921</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">(<font>297,921</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">)</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: #333333; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; padding: 1px 0px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; height: 14px;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>405,000</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="height: 14px; text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" height="19"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">Total liabilities</font></td>
<td style="text-decoration: #333333; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px; height: 14px; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>10,871,284</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">(<font>32,708</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">)</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>10,838,576</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="height: 14px; text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap;" height="19"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">Net parent equity:</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="height: 14px; text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 31px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" height="19"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">Net parent investment</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>10,731,615</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">(<font>707,846</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">)</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>10,023,769</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="height: 14px; text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 31px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap;" height="19"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">Accumulated other comprehensive loss</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">(<font>32,226</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; text-align: left; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">)</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>32,226</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>-</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="height: 14px; text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" height="19"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">Total net parent equity</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>10,699,389</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">(<font>675,620</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">)</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><br></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important; border-top: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;"><font>10,023,769</font></font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="height: 14px; text-decoration: #333333; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #333333; font-size: 7pt; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap;" height="19"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; color: #000000;">Total liabilities and net parent equity</font></td>
<td style="text-decoration: #333333; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #333333; font-size: 7pt; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px; font-weight: bold; border-bottom: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; font-weight: bold; display: inline !important; color: #000000;">$</font></td>
<td style="text-decoration: #000000; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 7pt; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; border-bottom: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold; color: #000000;"><font>21,570,673</font></font></td>
<td style="text-decoration: #000000; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 7pt; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; font-weight: bold;"><br></td>
<td style="text-decoration: #000000; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 7pt; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; font-weight: bold;"><br></td>
<td style="text-decoration: #000000; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 7pt; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px; text-align: left; font-weight: bold; border-bottom: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; font-weight: bold; display: inline !important; color: #000000;">$</font></td>
<td style="text-decoration: #000000; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 7pt; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; border-bottom: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold; color: #000000;">(<font>708,328</font></font></td>
<td style="text-decoration: #000000; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 7pt; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold; color: #000000;">)</font></td>
<td style="text-decoration: #000000; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 7pt; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; font-weight: bold;"><br></td>
<td style="text-decoration: #000000; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 7pt; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; height: 14px; margin: 0px; text-indent: 0px; text-align: left; font-weight: bold; border-bottom: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; font-weight: bold; display: inline !important; color: #000000;">$</font></td>
<td style="text-decoration: #000000; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 7pt; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px; border-bottom: 0.75pt solid #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold; color: #000000;"><font>20,862,345</font></font></td>
<td style="text-decoration: #000000; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 7pt; font-weight: bold; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: right; height: 14px; margin: 0px; text-indent: 0px;"><br></td>
</tr>

</table>
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<p style="margin: 8pt 0pt 0pt; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman'; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: inherit;" lang="EN-US"><font style="line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Mana</font>gement considers the legal entity approach to be the most meaningful representation of Eve&#8217;s standalone carve-out financial statements.&nbsp;</font></font></font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<tr style="height: 17px;">
<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font class="pageno" style="font-size: 10pt; line-height: inherit;">F-<font>8</font></font></td>
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</table>
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<p style="margin: 8pt 0pt 0pt; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">For periods ended as of or prior to December 31, 2021, the audited consolidated financial information includes both direct and indirect expenses. The historical direct expenses consist primarily of<font style="line-height: inherit;">&nbsp;</font></font><font style="line-height: inherit;">personnel-related costs (including salaries, labor taxes, profit sharing program, benefits,<font style="line-height: inherit;">&nbsp;</font></font><font style="line-height: inherit;">short and<font style="line-height: inherit;">&nbsp;</font></font><font style="line-height: inherit;">long-term incentive</font><font style="line-height: inherit;">)<font style="line-height: inherit;">&nbsp;</font></font><font style="line-height: inherit;">of research and development employees directly involved in<font style="line-height: inherit;">&nbsp;UAM&nbsp;</font></font><font style="line-height: inherit;">activities, research expenses, facilities<font style="line-height: inherit;">&nbsp;</font></font><font style="line-height: inherit;">depreciation</font><font style="line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>and others. The indirect expenses consist of<font style="line-height: inherit;">&nbsp;</font></font><font style="line-height: inherit;">personnel-related costs (including salaries,<font style="line-height: inherit;">&nbsp;</font></font><font style="line-height: inherit;">labor taxes, profit sharing program, benefits, short and long term<font style="line-height: inherit;">&nbsp;</font></font><font style="line-height: inherit;">incentive</font><font style="line-height: inherit;">)<font style="line-height: inherit;">&nbsp;</font></font><font style="line-height: inherit;">allocated to<font style="line-height: inherit;">&nbsp;</font></font><font style="line-height: inherit;">Eve</font><font style="line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>and general and administrative overhead, including expenses for information systems, accounting, other financial services (such as treasury, audit and purchasing), human resources, legal, and facilities, allocated as per headcount of employees exclusively involved in<font style="line-height: inherit;">&nbsp;UAM</font></font><font style="line-height: inherit;">&nbsp;activities compared to the total headcount of all ERJ employees or using an expense input comparing the total R&amp;D expenses of<font style="line-height: inherit;">&nbsp;</font></font><font style="line-height: inherit;">Eve</font><font style="line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>against the total R&amp;D expenses of </font><font style="line-height: inherit;"> <font style="color: #000000; line-height: inherit;" lang="EN-US">ERJ&#8217;s market accelerator and disruptive business innovation company, EmbraerX</font></font><font style="line-height: inherit;">.<font style="line-height: inherit;">&nbsp;</font></font><font style="line-height: inherit;">Eve</font><font style="line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>has calculated its income tax amounts using a separate return methodology and it has presented these amounts as if it were a separate taxpayer from ERJ and EAH.</font></font></p>
<p style="margin: 8pt 0pt 0pt; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">For periods ended as of or prior to December 31, 2021, t</font>he audited consolidated balance sheets of<font style="line-height: inherit;">&nbsp;Eve</font></font><font style="line-height: inherit;"><font style="line-height: inherit;"> also </font>include other assets,<font style="line-height: inherit;">&nbsp;</font></font><font style="line-height: inherit;">capitalized software</font><font style="line-height: inherit;">, accounts payable</font><font style="line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="line-height: inherit;">and other payables that were allocated on a specific identification basis. Derivative instruments used to hedge the salaries for employees directly involved in<font style="line-height: inherit;">&nbsp;UAM&nbsp;</font></font><font style="line-height: inherit;">activities were allocated by comparing the salaries of these employees in Brazilian reais (&#8220;BRL&#8221; or &#8220;R$&#8221;) against the total employees&#8217; salaries of E</font><font style="line-height: inherit;">RJ</font><font style="line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>in BRL, and for employees not directly involved in<font style="line-height: inherit;">&nbsp;UAM</font></font><font style="line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>activities the expense input approach using R&amp;D metrics, noted above, was used to allocate the Derivatives instruments.</font><font style="line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="line-height: inherit;">Incentive</font><font style="line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>payments</font><font style="line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="line-height: inherit;">received in advance, which were<font style="line-height: inherit;">&nbsp;</font></font><font style="line-height: inherit;">related to</font><font style="line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="line-height: inherit;">service arrangements<font style="line-height: inherit;">&nbsp;</font></font><font style="line-height: inherit;">to process employee payroll</font><font style="line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="line-height: inherit;">were<font style="line-height: inherit;">&nbsp;</font></font><font style="line-height: inherit;">allocated based on a headcount proportion basis.</font></font></p>
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<p style="font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<p style="margin: 0px; text-align: justify; line-height: normal; font-size: 10pt; font-family: Calibri, sans-serif; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><font style="color: #000000; line-height: inherit;" lang="EN-US">Emerging Growth Company</font></b></font></p>
<p style="margin: 8pt 0pt 0pt; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;" lang="EN-US">The Company is an &#8220;emerging growth company,&#8221; as defined in Section <font>2</font>(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of <font>2012</font> (the &#8220;JOBS Act&#8221;), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section <font>404</font> of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.</font></p>
<p style="margin: 8pt 0pt 0pt; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;" lang="EN-US">Further, Section <font>102</font>(b)(<font>1</font>) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company&#8217;s financial statements with another pu<font style="line-height: inherit;">blic company which is not an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.</font></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">Functional and </font><font style="font-weight: bold; line-height: inherit;">reporting </font><font style="font-weight: bold; line-height: inherit;">currency</font></font></p>
<p style="margin: 8pt 0pt 0pt; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;" lang="EN-US">Management has concluded that the US dollar ("USD") is the functional and reporting currency of Eve. Therefore, the consolidated financial statements that were derived from Eve entities&#8217; financial statements are presented in USD.</font></p>
<p style="margin: 8pt 0pt 0pt; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-size: 10pt; color: #000000; margin: 6pt 0cm 0.0001pt; text-align: justify; text-indent: 1cm; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US"><font style="color: black; line-height: inherit;">The foreign currency gains and losses are related to transactions with suppliers recognized in the functional currency, USD, but settled in BRL. The impacts were recognized in &#8220;<font style="font-style: italic; line-height: inherit;">Financial and f</font><i><font style="font-style: italic; line-height: inherit;">oreign exchange gain/(loss), net</font>&#8221;&nbsp;</i>within the consolidated statements of operations.</font></font></p>
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<p style="margin: 0px !important; text-align: justify; text-indent: 1cm; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 107%;"><br></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Use of Estimates </font></p>
<p style="margin: 8pt 0pt 0pt; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;" lang="EN-US">The preparation of consolidated financial statements in accordance with U.S. GAAP requires the Company&#8217;s management to make estimates and judgments that affected the reported amounts of assets and liabilities and allocations of expenses. These judgments were based on the historical experience, management&#8217;s evaluation of trends in the industry and other factors that were deemed relevant at that time. The estimates and assumptions were reviewed on a regular basis and the changes to accounting estimates were recognized in the period in which the estimates were revised. The Company&#8217;s management recognize that the actual results could be materially different from the estimates. Until December 31, 2021, under the management approach, the s</font><font style="line-height: inherit; margin: 8pt 0pt; text-align: justify; text-indent: 20pt;" lang="EN-US"><font style="line-height: inherit;">ignificant estimates inherent in the preparation of the audited consolidated financial statements include, but are not limited to, useful lives of capitalized software, net, accrued liabilities, income taxes including deferred tax assets and liabilities. Under the legal entity approach, the significant estimates include, </font></font><font style="line-height: inherit;" lang="EN-US">but are not limited to the warrants measurement, fair value measurement and income taxes.</font></font></p>
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<p style="font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font class="pageno" style="font-size: 10pt; line-height: inherit;">F-<font>9</font></font></td>
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</table>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 12pt 10pt; page-break-after: avoid; text-align: justify; text-indent: -10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Cash and Cash Equivalents </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">Cash and cash equivalents include bank deposits and highly liquid short-term investments, usually maturing within <font>90</font> days of the investment date, readily convertible into a known amount of cash and subject to an insignificant risk of change in value.</font></p>
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<p style="margin: 8pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="line-height: inherit;" lang="EN-US"> Our financial investments consist of time deposits with financial institution (investment available in USD, in which a determined amount is invested for a period of time with a fixed interest rate) with maturity dates over <font>90</font> days, but less than 365 days.<br></font></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Fair Value Measurements </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 8pt 0pt; text-align: justify; text-indent: 20pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Eve&nbsp;</font><font style="line-height: inherit;">applies the provisions of Accounting Standards Codification (&#8220;ASC&#8221;) <font>820</font>, </font><font style="font-style: italic; line-height: inherit;">Fair Value Measurement</font><font style="line-height: inherit;">, which sets out a framework for measuring fair value and required disclosures about fair value measurements. The provisions of ASC <font>820</font> relate to financial assets and liabilities as well as other assets and liabilities carried at fair value on a recurring and nonrecurring basis. The standard clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the standard establishes a <font>three</font>-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows:&nbsp;&nbsp;</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 8.4pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-style: italic; line-height: inherit;">Level - <font>1</font></font><font style="font-style: italic; line-height: inherit;"> - </font><font style="line-height: inherit;">Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. </font><font style="line-height: inherit;">&#8203;</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 8.4pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-style: italic; line-height: inherit;">Level - <font>2</font></font><font style="font-style: italic; line-height: inherit;"> - </font><font style="line-height: inherit;">Other than quoted prices included in Level <font>1</font> inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&#8203;</font><font style="font-style: italic; line-height: inherit;">Level - <font>3</font></font><font style="line-height: inherit;"> - </font><font style="line-height: inherit;">Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. </font></font></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 20pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&#8203;</font><font style="line-height: inherit;">The carrying amounts of the <font style="line-height: inherit; color: black;" lang="EN-US">Company&#8217;s </font></font><font style="line-height: inherit;">other assets</font><font style="line-height: inherit;">, <font style="line-height: inherit;" lang="EN-US">related party receivables and payables, </font> accounts payables</font><font style="line-height: inherit;"> and other payables</font><font style="line-height: inherit;">, except for the </font><font style="line-height: inherit;">long-term incentive plan, advances from customers and the derivative financial instruments,</font><font style="line-height: inherit;"> approximate fair value due to the short-term nature of these instruments.</font> <font style="line-height: inherit;">The </font><font style="line-height: inherit;">fair value of the </font><font style="line-height: inherit;">liabilities related to the l</font><font style="line-height: inherit;">ong-term incentive plan </font><font style="line-height: inherit;">included in</font> <font style="line-height: inherit;">other </font><font style="line-height: inherit;">payables w</font><font style="line-height: inherit;">as</font> <font style="line-height: inherit;">determined</font> <font style="line-height: inherit;">using the Leve</font><font style="line-height: inherit;">l</font><font style="line-height: inherit;"> <font>1</font></font> <font style="line-height: inherit;">inputs. </font><font style="line-height: inherit;">The fair value of the </font><font style="line-height: inherit;">d</font><font style="line-height: inherit;">erivative</font><font style="line-height: inherit;"> instruments, <font style="line-height: inherit;" lang="EN-US">accounted for based on hedge accounting (see below)</font>, </font><font style="line-height: inherit;">w</font><font style="line-height: inherit;">as</font> <font style="line-height: inherit;">determined</font><font style="line-height: inherit;"> using the Level <font>2</font> or&nbsp;<font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Level&nbsp;</font><font>3</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&nbsp;</font></font><font style="line-height: inherit;">inputs</font><font style="line-height: inherit;">. The fair value of the warrants was determined using Level <font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font>1</font> input except for certain warrants whose fair value was estimated based on Level <font>2</font> inputs.</font><br></font></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Hedge accounting</font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify; text-indent: 18pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Until December 31, 2021, the Company accounted for certain derivative instruments under the cash flow hedge accounting methodology to hedge against the payroll cash flow volatility attributable to a risk of foreign exchange rate fluctuation associated with highly probable forecast transactions that will affect income or loss for the year. Effective January 1, 2022, no hedge transactions were observed since the derivative contracts were not transferred to Eve. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify; text-indent: 18pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company recognizes all derivative instruments as either assets or liabilities in the balance sheet at their respective fair values. For derivatives designated in hedging relationships changes in the fair value are recognized in Accumulated Other Comprehensive Loss (&#8220;AOCI&#8221;), to the extent the derivative is effective at offsetting the changes in cash flows being hedged until the hedged item affects earnings. The cash flow impact of the derivative instruments is included in our combined statement of cash flows in net cash used in operating activities. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify; text-indent: 18pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company only enters into derivative contracts that it intends to designate as a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge). For all hedging relationships, Eve formally documents the hedging relationship and its risk-management objective and strategy for undertaking the hedge, the hedging instrument, the hedged transaction, the nature of the risk being hedged, how the hedging instrument&#8217;s effectiveness in offsetting the hedged risk will be assessed prospectively and retrospectively, and a description of the method used to measure ineffectiveness. The Company also formally assesses, both at the inception of the hedging relationship and on an ongoing basis, whether the derivatives that are used in hedging relationships are highly effective in offsetting changes in cash flows of hedged transactions. For derivative instruments that are designated and qualify as part of a cash flow hedging relationship, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive loss and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings.</font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify; text-indent: 18pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Eve discontinues hedge accounting prospectively when it determines that the derivative is no longer effective in offsetting cash flows attributable to the hedged risk, the derivative expires or is sold, terminated, or exercised, the cash flow hedge is designated because a forecasted transaction is not probable of occurring, or management determines to remove the designation of the cash flow hedge. Additionally, when it is probable that a forecasted transaction will not occur, Eve recognizes immediately in earnings gains and losses that were accumulated in other comprehensive loss related to the hedging relationship.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify; text-indent: 18pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">In all situations in which hedge accounting is discontinued and the derivative remains outstanding, Eve</font><font style="line-height: inherit;">&nbsp;continues to carry the derivative at its fair value on the balance sheet and recognizes any subsequent changes in its fair value in earnings.</font></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Capitalized software, net </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 8pt 0pt; text-align: justify; text-indent: 20pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Eve had capitalized software until December 31, 2021, consisting&nbsp;</font><font style="line-height: inherit;">of </font><font style="line-height: inherit;">software licenses that were recorded at cost, net of accumulated amortization, and if applicable, impairment charges. Software licenses are amortized over their useful lives which is approximately <font style="border-left: none; border-right: none; line-height: inherit;"><font style="border-left: none; border-right: none; line-height: inherit;"><font>5</font></font></font>&nbsp;years on a straight-line basis. </font></font></p>
<p style="margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif; color: #000000;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="color: windowtext; line-height: inherit;" lang="EN-US">Property, plant &amp; equipment, net</font></b></font></p>
<p style="margin: 8pt 0cm; text-align: justify; text-indent: 20pt; line-height: 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;" lang="EN-US">Property, plant &amp; equipment, net are stated at historical cost less accumulated depreciation. <!--StartFragment -->Eve depreciates property, plant and equipment on a straight line basis.<!--EndFragment --> Expenditures for major renewals and betterments are capitalized, while minor replacements, maintenance, and repairs, which do not extend the asset lives, are charged to operations as incurred.</font><font style="line-height: inherit;" lang="EN-US">&nbsp;</font></font></p>
<p style="margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif; color: #000000;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="color: windowtext; line-height: inherit;" lang="EN-US">Leases</font></b></font></p>
<p style="margin: 8pt 0cm; text-align: justify; text-indent: 20pt; line-height: 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">The Company accounts for leases in accordance with ASC <font>842</font>, <font style="font-style: italic; line-height: inherit;">Leases</font>. Eve recognizes right-of-use ("ROU") assets on the lease inception date (that is, the date in which the asset is available for use). The ROU assets are measured at cost, less any depreciation or impairment losses and are adjusted for any revaluation of lease liabilities. The cost of ROU assets includes the amount of the recognized lease liability, the initial direct costs incurred less any lease incentives received. The ROU assets are depreciated on a straight-line basis considering the lease term and the Company&#8217;s intention in renewal options, based on the best estimate on each reporting date. ROU assets are subject to impairment test if there is evidence that their carrying amount may be higher than the recoverable amount.</font></p>
<p style="margin: 8pt 0cm; text-align: justify; text-indent: 20pt; line-height: 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">Expenses on the depreciation of the right-of-use asset are recognized as operating expenses in the statements of income for the year.</font></p>
<p style="margin: 8pt 0cm; text-align: justify; text-indent: 20pt; line-height: 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">The Company uses its estimated incremental borrowing rate in determining the present value of lease payments considering the term of the lease, which is derived from information available at the lease commencement date. The incremental borrowing rate is the rate of interest the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments for a term similar to the lease term in a similar economic environment as the lease.</font></p>
<p style="margin: 8pt 0cm; text-align: justify; text-indent: 20pt; line-height: 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">Lease liabilities are measured at the present value of lease payments to be made during the lease term, which is measured based on the contract term and renewal options. Lease payments include fixed payments less any lease incentives received.</font><br></p>
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<p style="margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><font style="font-size: 10.0pt;" lang="EN-US"><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></b><font style="font-size: 10pt; margin: 8pt 0cm; text-align: justify; text-indent: 20pt; line-height: 12pt;" lang="EN-US"><font style="font-size: 10pt; font-family: 'times new roman', times;">Long-live assets, which include capitalized software; property, plant &amp; equipment; and right-to-use assets, are reviewed for impairment when events or changes in circumstance indicate that the carrying amount of the long-lived asset group may not be recoverable.</font><font style="mso-spacerun: yes;">&nbsp; </font></font><font lang="EN-US"></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Long</font><font style="font-weight: bold; line-height: inherit;">-</font><font style="font-weight: bold; line-height: inherit;">term incentive plan</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 8pt 0pt; text-align: justify; text-indent: 20pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Until December 31, 2021, Eve carved-out certain amounts related to the ERJ long-term incentive plan ("LTIP"). The LTIP plan </font><font style="line-height: inherit;">has the objective of retaining and attracting qualified personnel who will make an effective contribution to Eve</font><font style="line-height: inherit;">&#8217;s</font> <font style="line-height: inherit;">future performance. </font><font style="line-height: inherit;">The plan is a c</font><font style="line-height: inherit;">ash-settled phantom shares plan, in which the amounts attributed to the services provided by the participants are converted into virtual share units based on the market value of <font style="line-height: inherit;" lang="EN-US">ERJ&#8217;s</font> shares. At the end of the acquisition period the participant receives the quantity of virtual shares converted into</font><font style="line-height: inherit;"> BRL</font><font style="line-height: inherit;">, at the shares&#8217; current market value. Eve</font> <font style="line-height: inherit;">recognizes the obligation during the acquisition period (quantity of virtual shares proportional to the period) in the same group as the participant&#8217;s normal remuneration. This obligation is presented within the line-item titled </font><font style="font-style: italic; line-height: inherit;">&#8220;O</font><font style="font-style: italic; line-height: inherit;">ther </font><font style="font-style: italic; line-height: inherit;">payable,</font><font style="font-style: italic; line-height: inherit;">&#8221; </font><font style="line-height: inherit;"><font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;" lang="EN-US">with detail disclosed in Note 9 </font></font><font style="line-height: inherit;">and the fair value is calculated based on the market price of the shares and recorded as </font><font style="font-style: italic; line-height: inherit;">&#8220;General and administrative&#8221;</font><font style="line-height: inherit;">&nbsp;expenses&nbsp;</font><font style="line-height: inherit;">in the audited </font><font style="line-height: inherit;">consolidated&nbsp;</font><font style="line-height: inherit;">statements of</font><font style="line-height: inherit;"> operations</font><font style="line-height: inherit;">.</font></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 8pt 0pt; text-align: justify; text-indent: 20pt;"><font style="font-size: 10pt; text-indent: 20pt;">During </font><font>2022</font><font style="font-size: 10pt; text-indent: 20pt;">, Eve has assumed obligations under the LTIP towards certain employees transferred from ERJ to Eve.</font><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 8pt 0pt; text-align: justify; text-indent: 20pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Eve has its own remuneration plan, the <font>2022</font> Stock Incentive Plan, which&nbsp;</font><font style="line-height: inherit;" lang="EN-US">grants its employees, management and officers restricted stock units (RSUs) of our common stock. We recognize stock-based compensation expense in accordance with the provisions of ASC <font>718</font>, </font><i><font style="line-height: inherit;" lang="EN-US">Compensation - Stock Compensation</font></i><font style="line-height: inherit;" lang="EN-US">. ASC <font>718</font> requires the measurement and recognition of compensation expense for all stock-based compensation awards made to employees, management, and non-employees to be based on the grant date fair values of the awards. <br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 8pt 0pt; text-align: justify; text-indent: 20pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;" lang="EN-US">We estimate the fair value of share options with market conditions using the&nbsp;<font style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: inherit;">Monte Carlo</font> simulation option-pricing model. The fair value of the RSU<font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000;" lang="EN-US">&#8217;s</font> without market conditions equals Eve<font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000;" lang="EN-US">&#8217;</font>s share price on the grant-date. The fair value of awards is recognized as expense over the requisite service period on a straight-line basis.&nbsp;</font><font style="line-height: inherit;" lang="EN-US">Determining the grant date fair value of the awards using the <font style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: inherit;">Monte Carlo</font> option-pricing models requires management to make assumptions and judgments, including but not limited to the following:</font></font></p>
<p style="margin: 0cm; font-size: 11pt; font-family: Calibri, sans-serif; line-height: 1.2;"><font style="margin: 0cm; line-height: inherit; text-align: justify; font-family: 'times new roman', times; font-size: 10pt;" lang="EN-US"><font style="font-style: italic; line-height: inherit;">Stock price</font> &#8211; for all RSUs, the underlying stock price is based on the closing price as of the grant date;</font></p>
<p style="margin: 0cm; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-align: justify;"><br></p>
<p style="margin: 0cm; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><i><font style="line-height: inherit;" lang="EN-US">Vesting period </font></i><font style="line-height: inherit;" lang="EN-US">&#8212; The estimate of the expected term of performance conditions is determined based on management&#8217;s best estimate of when the milestones will be achieved. As of May 9, 2022, milestones of certain tranches had already been met, thus, no estimation was necessary. </font><font style="margin: 0cm; line-height: inherit; text-align: justify;" lang="EN-US">Also, there are RSUs which becomes vested by the time certain market conditions are achieved (e.g., Eve reaches certain market capitalization established on RSUs contracts).</font></font></p>
<p style="line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; margin: 0px !important;"><br></p>
<p style="margin: 0cm; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><i><font style="line-height: inherit;" lang="EN-US">Expected volatility </font></i><font style="margin: 0cm; line-height: inherit;" lang="EN-US">&#8212; </font><font style="line-height: inherit; margin: 0cm; text-align: justify;" lang="EN-US">Since Eve&#8217;s stock has only been publicly traded on NYSE since May 2022, there is insufficient historical data on the volatility of Eve<font style="line-height: inherit;" lang="EN-US"><font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000;" lang="EN-US">&#8217;</font></font>s common stock. Therefore, the expected volatility was estimated considering the average volatility of comparable publicly listed companies&#8217; stocks <font style="line-height: inherit; margin: 0cm; text-align: justify;" lang="EN-US">and the expected volatility implied on the Company's public warrants traded on NYSE. </font> </font></font></p>
<p style="line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; margin: 0px !important;"><br></p>
<p style="margin: 0cm; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><i><font style="line-height: inherit;" lang="EN-US">Risk-free interest rate </font></i><font style="line-height: inherit;" lang="EN-US">&#8212; The risk-free interest rate used to value awards is based on the United States Treasury yield in effect at the time of grant for a period consistent with the expected term of the award.</font></font></p>
<p style="margin: 0cm; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif;"><br></p>
<p style="margin: 0cm; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><i><font style="line-height: inherit;" lang="EN-US">Dividend yield </font></i><font style="line-height: inherit;" lang="EN-US">&#8212; We have never declared or paid any cash dividends and do not presently plan to pay cash dividends in the foreseeable future.</font></font></p>
<p style="line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; margin: 0px !important;"><br></p>
<p style="margin: 0cm; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><i><font style="line-height: inherit;" lang="EN-US">Forfeiture rate &#8212; </font></i><font style="line-height: inherit;" lang="EN-US">We have elected to account for forfeitures as they occur and will record stock-based compensation expense assuming all option holders will complete the requisite service period. If a grantee forfeits an award because he fails to complete the requisite service period, we will reverse stock-based compensation expense previously recognized in the period the award is forfeited.</font> </font></p>
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<p style="margin: 0px; line-height: normal; font-size: 10pt; font-family: Calibri, sans-serif; text-align: justify; text-indent: 0px;"><br></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;">F-12</font></td>
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<p style="margin: 8pt 0cm; text-align: justify; text-indent: 20pt; line-height: 1.2; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">As of <font>December 31, 2022</font>, Eve has granted <font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font>ten</font></font> tranches of its <font>2022</font> <font style="line-height: inherit;">Stock Incentive Plan (Granted Tranches). <font>Four</font> of the Granted Tranches have performance conditions only, <font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font>four</font></font> have service conditions only and <font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font>two</font> have</font> market and service conditions.<br></font></font></p>
<p style="margin: 8pt 0cm; text-align: justify; text-indent: 20pt; line-height: 1.2; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US">For awards with market conditions, below are the following assumptions used in the fair value measurement:</font></p>
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<div style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">
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<table style="height: 157px; width: 98.7062%; margin: 0px; font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; text-indent: 0px;">

<tr style="height: 17px;">
<td style="width: 59.6573%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 0.69735%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="text-align: center; width: 11.2738%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><font style="font-weight: bold; font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">May 9,</font><br></font></td>
<td style="width: 0.976295%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 1.01077%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 0.871695%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 9.2286%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; text-align: center;"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;">October 31,</font><br></td>
<td style="width: 1.24224%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
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<tr style="height: 10px;">
<td style="height: 10px; width: 59.6573%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="height: 10px; width: 0.69735%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="height: 10px; text-align: center; width: 11.2738%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;"><font>2022</font></font><br></td>
<td style="height: 10px; width: 0.976295%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="width: 1.01077%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="width: 0.871695%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="width: 9.2286%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;"><font>2022</font></font><br></td>
<td style="width: 1.24224%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
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<tr style="height: 16px; background-color: #cceeff;">
<td style="height: 16px; width: 59.6573%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Share Price (SO) <font style="color: #000000; line-height: inherit;" lang="EN-US">- US$</font></font></td>
<td style="height: 16px; width: 0.69735%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font></td>
<td style="height: 16px; text-align: right; width: 11.2738%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font>11.32</font></td>
<td style="height: 16px; width: 0.976295%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="width: 1.01077%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br></td>
<td style="width: 0.871695%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font><br></td>
<td style="width: 9.2286%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px; text-align: right; background-color: #cceeff;"><font style="line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;"><font>10.58</font></font><br></td>
<td style="width: 1.24224%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="height: 16px; width: 59.6573%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Maturity Date </font></td>
<td style="height: 16px; width: 0.69735%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="height: 16px; text-align: right; width: 11.2738%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font>05/09/27</font></td>
<td style="height: 16px; width: 0.976295%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="width: 1.01077%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px;"><br></td>
<td style="width: 0.871695%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px;"><br></td>
<td style="width: 9.2286%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px; text-align: right;"><font style="line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;"><font>05/09/27</font></font><br></td>
<td style="width: 1.24224%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="height: 16px; width: 59.6573%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Time (T) - Years&nbsp;</font></td>
<td style="height: 16px; text-align: right; width: 0.69735%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="height: 16px; text-align: right; width: 11.2738%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font>4.98</font></td>
<td style="height: 16px; width: 0.976295%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="width: 1.01077%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br></td>
<td style="width: 0.871695%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br></td>
<td style="width: 9.2286%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px; text-align: right; background-color: #cceeff;"><font>4.50</font><br></td>
<td style="width: 1.24224%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="height: 16px; width: 59.6573%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Strike Price (X)</font></td>
<td style="height: 16px; text-align: left; width: 0.69735%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font><br></td>
<td style="height: 16px; text-align: right; width: 11.2738%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font>-</font></td>
<td style="height: 16px; width: 0.976295%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="width: 1.01077%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px;"><br></td>
<td style="width: 0.871695%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font><br></td>
<td style="width: 9.2286%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px; text-align: right;"><font>-</font><br></td>
<td style="width: 1.24224%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="height: 16px; width: 59.6573%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Risk-free Rate (r)</font></td>
<td style="height: 16px; text-align: right; width: 0.69735%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="height: 16px; text-align: right; width: 11.2738%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font>2.95</font></td>
<td style="height: 16px; width: 0.976295%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">%</font></td>
<td style="width: 1.01077%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br></td>
<td style="width: 0.871695%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br></td>
<td style="width: 9.2286%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px; text-align: right; background-color: #cceeff;"><font>4.05</font><br></td>
<td style="width: 1.24224%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">%</font><br></td>
</tr>
<tr style="height: 16px;">
<td style="height: 16px; width: 59.6573%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Volatility (&#963;)&nbsp;</font></td>
<td style="height: 16px; text-align: right; width: 0.69735%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="height: 16px; text-align: right; width: 11.2738%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font>47.17</font></td>
<td style="height: 16px; width: 0.976295%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">%</font></td>
<td style="width: 1.01077%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px;"><br></td>
<td style="width: 0.871695%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px;"><br></td>
<td style="width: 9.2286%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px; text-align: right;"><font>51.91</font><br></td>
<td style="width: 1.24224%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 16px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">%</font><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; width: 59.6573%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dividend Yield (q)</font></td>
<td style="text-align: right; height: 17px; width: 0.69735%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 17px; width: 11.2738%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font>0.00</font></td>
<td style="height: 17px; width: 0.976295%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">%</font></td>
<td style="width: 1.01077%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="width: 0.871695%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="width: 9.2286%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; text-align: right; background-color: #cceeff;"><font>0.00</font><br></td>
<td style="width: 1.24224%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">%</font><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; width: 59.6573%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"><b><font style="color: black; line-height: inherit;" lang="EN-US">RSU Value (US$)&nbsp;</font></b></font></td>
<td style="height: 17px; width: 0.69735%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: left;"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;">$</font></td>
<td style="text-align: right; height: 17px; width: 11.2738%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="border-left: medium none; border-right: medium none; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><font style="line-height: inherit;"><b><font style="color: #000000; line-height: inherit;" lang="EN-US"><font>17.01</font></font></b></font></font></td>
<td style="height: 17px; width: 0.976295%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="width: 1.01077%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 0.871695%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">$</font><br></td>
<td style="width: 9.2286%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; text-align: right; font-weight: bold;"><font>15.93</font><br></td>
<td style="width: 1.24224%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
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<p style="font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Research and Development (R&amp;D)&nbsp;</font></p>
<p style="margin: 6pt 0cm 0cm; text-align: justify; text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><font style="font-size: 10pt; color: #000000; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US"><font style="line-height: inherit;">R&amp;D efforts are focused on design and development of our eVTOL, UATM and Service and Support projects to achieve manufacturing and commercial stage. Under U.S. GAAP, R&amp;D costs are expensed as incurred and are primarily comprised of engineering services provided by related parties, personnel-related costs (including salaries, labor taxes, profit sharing program, benefits, short and long-term incentive) for employees focused on R&amp;D activities, supplies and materials costs. Until December 31, 2021, most of these expenses were carved-out from ERJ. Effective January 1, 2022, ERJ started charging Eve Sub for most of such costs under the MSA (see Note <font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font style="border-left: medium none; border-right: medium none; line-height: inherit;">4</font></font></font> for more details about the MSA).</font></font></p>
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<p style="font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Selling, General and Administrative&nbsp;</font></p>
<p style="font-family: 'Times New Roman', serif; margin: 6pt 0cm 0cm; text-align: justify; text-indent: 22.5pt; font-size: 10pt; line-height: 1.2;"><font style="font-size: 10pt; color: #000000; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US"><font style="line-height: inherit;">Until December 31, 2021, general and administrative expenses primarily consisted of allocated expenses from ERJ and EAH of personnel-related costs (including salaries, labor taxes, profit sharing program, benefits, short- and long-term incentives), information systems, accounting, other financial services (such as treasury, audit and purchasing), human resources, legal, facilities, and other corporate expenses. Prior <font style="border-left: medium none; border-right: medium none; line-height: inherit;">to December 31, 2021,</font> such expenses were allocated to the UAM Business based on the most relevant allocation method for the services provided, primarily based on headcount of employees exclusively involved in the UAM Business&#8217; activities compared to the total headcount of all ERJ employees as these measures reflect the historical utilization levels.</font> </font></p>
<p style="font-family: 'Times New Roman', serif; margin: 6pt 0cm 0cm; text-align: justify; text-indent: 22.5pt; font-size: 10pt; line-height: 1.2;"><font style="font-size: 10pt; color: #000000; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US"><font style="line-height: inherit;">Effective January 1, 2022, all selling, general and administrative expenses were incurred by Eve entities.</font></font></p>
<p style="font-family: 'Times New Roman', serif; margin: 6pt 0cm 0cm; text-align: justify; text-indent: 22.5pt; font-size: 10pt; line-height: 1.2;"><font style="font-size: 10pt; color: #000000; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US"><font style="line-height: inherit;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 32.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Selling expenses consist of personnel expenses, including salaries, benefits, contractor and travel expenses aiming the UAM business development and to support our commercialization efforts.</font></font></font><br></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 20pt;"><br></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 20pt;"><font style="font-size: 10pt; color: #000000; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US"><font style="line-height: inherit;">Expenses related to the Transaction Costs contributed by ERJ and EAH were also recognized as selling, general and administrative expenses.</font></font></p>
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<p style="font-family: 'Times New Roman', serif; margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: 0px; line-height: 1.2;"><br></p>
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<p style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b>New Warrants Expenses<br></b></font></p>
<p style="font-family: 'Times New Roman', serif; margin: 6pt 0cm 0cm; text-align: justify; text-indent: 22.5pt; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #000000; line-height: inherit;" lang="EN-US"><font style="line-height: inherit;">Eve issued or agreed to issue warrants (New Warrants), to potential customers, financiers and suppliers. See more details in Note <font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font>10</font></font>. The New Warrants were recognized by Eve at their respective fair values </font></font><font style="line-height: inherit;" lang="EN-US">as an operating expense (since Eve has no current revenue or binding contracts in place). No subsequent remeasurement&nbsp;is required <font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 30px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">since they are equity classified.</font></font></font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Income Taxes </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 8pt 0pt; text-align: justify; text-indent: 20pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">The deferred income taxes are generally recognized, based on enacted tax rates, when assets and liabilities have different values for financial statement and tax purposes. </font><font style="line-height: inherit;">Eve</font><font style="line-height: inherit;"> has calculated its income tax amounts using a separate return methodology. </font><font style="line-height: inherit;">Under this method, Eve</font><font style="line-height: inherit;">&nbsp;assumes it will file separate returns with tax authorities</font><font style="line-height: inherit;">. As a result, </font><font style="line-height: inherit;">Eve</font><font style="line-height: inherit;">&#8217;s deferred tax balances and effective tax rate as a stand-alone entity will likely differ significantly from those recognized in historical periods.&nbsp;<font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">A valuation allowance is appropriate if it is more likely than not all or a portion of deferred tax assets will not be realized.&nbsp;</font>The calculation of income taxes on a separate return basis requires a considerable amount of judgment and use of both estimates and allocations. </font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 8pt 0pt; text-align: justify; text-indent: 20pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">The tax loss carryforwards and valuation allowances reflected in the audited consolidated financial statements are based on a hypothetical stand-alone income tax return basis and may not exist in the </font><font style="line-height: inherit;">ERJ</font><font style="line-height: inherit;"> and EAH consolidated financial statements.&nbsp;</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt; text-align: justify; text-indent: 20pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Eve</font><font style="line-height: inherit;"> accounts for uncertain income tax positions recognized in the audited </font><font style="line-height: inherit;">consolidated&nbsp;</font><font style="line-height: inherit;">financial statements by applying a <font>two</font>-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to </font><font style="line-height: inherit;">be </font><font style="line-height: inherit;">recognize</font><font style="line-height: inherit;">d</font><font style="line-height: inherit;"> in the audited </font><font style="line-height: inherit;">consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a <font>greater than 50%</font> likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties.</font></font></p>
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<p style="font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 10pt; text-align: justify; text-indent: -10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Segments </font></p>
<p style="margin: 6pt 0cm 0cm; text-align: justify; text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><font style="font-size: 10pt; color: #000000; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US"><font style="line-height: inherit;">Operating segment information is presented in a manner consistent with the internal reports provided to the Chief Operating Decision Makers (&#8220;CODMs&#8221;). The CODMs, who are responsible for allocating resources among and assessing the performance of the operating segments and for making strategic decisions, are Eve&#8217;s Co-Chief Executive Officers. Given Eve&#8217;s&nbsp;pre-revenue&nbsp;operating stage, it currently has no concentration exposure to products, services or customers. Eve has determined that it currently operates in <font>three</font> different operating and reportable segments as the CODMs assess the operation results by the different R&amp;D projects, as follows:</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 8pt 0pt 8pt 20pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">eVTOL</font><font style="line-height: inherit;">: the aircraft is in the preliminary design stage of development. This vehicle </font><font style="line-height: inherit;">is expected to have</font> <font style="line-height: inherit;" lang="EN-US">vertical lift and horizontal propulsion electric motors. </font><font style="line-height: inherit;">Eve</font><font style="line-height: inherit;">&#8217;s&nbsp;</font><font style="line-height: inherit;">eVTOL</font><font style="line-height: inherit;"> has been in </font><font style="line-height: inherit;">an</font> <font style="line-height: inherit;">incubation stage for</font><font style="line-height: inherit;"> over</font><font style="line-height: inherit;"> <font>4</font> years. The certification is proposed to be first with ANAC (</font><font style="line-height: inherit;">the </font><font style="line-height: inherit;">National Civil Aviation Agency </font><font style="line-height: inherit;">of </font><font style="line-height: inherit;">Brazil) and in parallel with</font><font style="line-height: inherit;"> the U.S.</font><font style="line-height: inherit;"> Federal Aviation Administration</font><font style="line-height: inherit;">.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 8pt 0pt 8pt 20pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">UATM: the segment will provide traffic management services to vehicles operating in the UAM Operating Environment (&#8220;UOE&#8221;).&nbsp; UATM will be a system of systems focused on improving the efficiency and safety of UAM operations. UATM systems will focus </font><font style="line-height: inherit;">on </font><font style="line-height: inherit;">existing and emerging operators of both the vehicles (fleet operators) and ground infrastructure (vertiport/heliport operators).&nbsp;</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 8pt 0pt 8pt 20pt; text-align: justify;"><font style="font-size: 10pt; line-height: inherit;" lang="EN-US"><font style="font-family: 'times new roman', times; line-height: inherit;">Service and Support: a full suite of eVTOL service and support capabilities, including material services, maintenance, technical support, training, ground handling and data services. Our services will be offered on an agnostic basis &#8211; supporting both our eVTOL and those produced by third-parties. We expect to leverage the global support network of ERJ to deploy our eVTOL services in an efficient, cost-effective and scalable manner.</font></font></p>
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<p style="margin: 0cm 0cm 0.0001pt; text-align: justify; text-indent: 21.3pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><font style="font-size: 10pt; color: #000000; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US"><font style="line-height: inherit;">The CODMs receive information related to the operating results based on the directly attributable cost by each R&amp;D project. As Eve Sub was operated within the ERJ corporate infrastructure, the indirect costs were not included in the information analyzed by the CODMs. Assets information by segment is not presented to the CODMs.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; page-break-after: avoid; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<p style="margin: 0pt 0cm; text-align: justify; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><b><font style="line-height: inherit;" lang="EN-US">Basic and Diluted Net Loss per Common Stock</font></b></font><font style="line-height: inherit;" lang="EN-US"><font style="line-height: inherit;">&nbsp;</font></font></font></p>
<p style="margin: 8pt 0cm; text-align: justify; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="line-height: inherit; color: #000000; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;" lang="EN-US">In connection with the Closing, all the issued and outstanding Zanite shares of Class&nbsp;A common stock, including the shares of Class&nbsp;A common stock issued to the PIPE Investors, were converted into, on a&nbsp;<font><font style="line-height: inherit;"><font style="border-left: none; border-right: none; line-height: inherit;"><font style="border-left: none; border-right: none; line-height: inherit;"><font>one</font></font></font></font>-for-<font style="line-height: inherit;"><font style="border-left: none; border-right: none; line-height: inherit;"><font style="border-left: none; border-right: none; line-height: inherit;"><font>one</font></font></font></font></font>&nbsp;basis, shares of common stock of Eve. In addition, the Company has also entered into warrant agreements with certain of the Strategic PIPE Investors, including United, pursuant to which, and subject to the terms and conditions of each applicable warrant agreement, the Company has agreed to issue to the Strategic PIPE Investors warrants to purchase an aggregate amount of (i) <font>24,095,072</font> shares of common stock with an exercise price of $<font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font>0.01</font></font> per share, (of which <font>800,000</font> shares of common stock of Eve were purchased at the Closing, for an aggregate purchase price of $<font>8,000</font> <font style="color: #000000; line-height: inherit;" lang="EN-US">and of which <font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font>2,722,536</font></font> </font><font style="color: #000000; line-height: inherit;" lang="EN-US">shares of common stock of Eve were purchased on October 1, 2022, for an aggregate purchase price of $<font>27,225</font></font>), (ii) <font>12,000,000</font> shares of common stock with an exercise price of $<font>15.00</font> per share and (iii) <font>5,000,000</font> shares of common stock with an exercise price of $<font>11.50</font> per share<font style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: inherit;">.&nbsp;</font></font></font></p>
<p style="margin: 8pt 0cm; text-align: justify; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;" lang="EN-US">Basic net loss per common stock excludes dilutive units and is computed by dividing net loss attributable to shareholders&nbsp;by the weighted average number of common stock outstanding during the period.&nbsp; Diluted net loss per common stock reflects the potential dilution that would occur if securities were exercised or converted into common stock. The effects of any incremental potential common stock are excluded from the calculation of loss per common stock if their effect would be anti-dilutive. </font><font style="line-height: inherit;" lang="EN-US">Contingently issuable shares, including equity awards with performance conditions, are considered outstanding common shares and included in basic net loss per share as of the date that all necessary conditions to earn the awards have been satisfied.</font></font></p>
<p style="margin: 8pt 0cm; text-align: justify; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US">Eve monitors the weighted average market price of its shares to assess if the outstanding liability classified warrants must be included as per the treasury stock method. The quantity of warrants is considered for the diluted earnings per share calculation to the extent they are &#8220;in-the-money&#8221; and their effect is dilutive.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 18pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US">Due to the losses incurred during the presented periods, the weighted-average common stock outstanding used to calculate both basic and diluted loss per common stock is the same for both periods.&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font class="pageno" style="font-size: 10pt; line-height: inherit;">F-15</font></td>
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<p style="margin: 0px; text-align: justify; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><b style="mso-bidi-font-weight: normal;"><font style="color: black; line-height: inherit;" lang="EN-US">Derivative Financial Instruments</font></b></font></p>
<p style="margin: 0pt; text-align: justify; font-size: 7pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0cm 0cm 0.0001pt; text-align: justify; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; margin: 8pt 0cm; text-align: justify; text-indent: 20pt; font-family: 'times new roman', times;" lang="EN-US"><font style="color: #000000; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic <font>815</font>, &#8220;<i>Derivatives and Hedging</i>&#8221;. The Company&#8217;s derivative instruments, including liability classified warrants, are recorded at fair value and re-valued at each reporting date, with changes in the fair value reported in the Statement of Operations. Derivative assets and liabilities are classified on the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within <font>12</font> months of the balance sheet date.&nbsp;&nbsp;</font></font></p>
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<p style="font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="line-height: inherit;" lang="EN-US">Recently adopted accounting pronouncements </font></b></font>
<p style="margin: 0pt; text-align: justify; font-size: 7pt;"><font style="font-family: symbol; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>
<p style="text-align: justify; text-indent: 20pt; line-height: 1.2; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">In December 2019, the Financial Accounting Standards Board ("FASB"), issued Accounting Standards Updated (&#8220;ASU&#8221;&nbsp; 2019-12), <i>Income Taxes (Topic </i>740<i>): Simplifying the Accounting for Income Taxes</i> (&#8220;ASU 2019-12&#8221;), which removes certain exceptions for recognizing deferred taxes for investments, performing intra-period allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 is effective for Eve&#8217;s annual periods beginning after December 15, 2021, and for interim periods beginning after December 15, 2022. The adoption of ASU 2019-12 did not have a material effect to Eve&#8217;s consolidated financial statements. </font></p>
<p style="text-align: justify; text-indent: 20pt; line-height: 1.2; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">&nbsp;</font></p>
<p style="text-align: justify; text-indent: 20pt; line-height: 1.2; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">In March 2020, the FASB issued (&#8220;ASU 2020-04&#8221;), <i>Reference Rate Reform (Topic 848): Facilitation of the effects of reference rate reform of financial reporting</i>, providing an optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. Eve has no contracts, hedging relationships, and other transactions that the LIBOR is applied as reference rate, thus no impact is expected in its audited consolidated financial statements.&nbsp;&nbsp;<b></b></font></p>
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<p style="text-align: justify; line-height: 1.2; margin: 0px; font-size: 10pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="line-height: inherit;" lang="EN-US">&nbsp;</font></b></font></p>
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<p style="text-align: justify; line-height: 1.2; margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="line-height: inherit;" lang="EN-US">Recently issued accounting pronouncements not yet adopted </font></b><font style="line-height: inherit;" lang="EN-US"></font><font style="line-height: inherit;" lang="EN-US"><br></font></font></p>
<p style="text-align: justify; line-height: 1.2; margin: 0px; font-size: 10pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="line-height: inherit;" lang="EN-US"><br></font></b></font></p>
<p style="text-align: justify; text-indent: 20pt; line-height: 14.4pt; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10.0pt;" lang="EN-US">There are no recent accounting pronouncements applicable to the Company pending adoption that the Company expects will have a material impact on our consolidated financial condition, results of operations, or cash flows.</font></p>
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<p style="margin: 0pt; text-align: justify; font-size: 7pt; line-height: 1.2;"><font style="font-family: arial, helvetica, sans-serif; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">3.&nbsp; &nbsp;<font style="line-height: inherit;">&nbsp;</font></font>Cash and cash equivalents&nbsp;&nbsp;</font></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></p>
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<table style="height: 60px; width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="border-bottom-width: 1px; height: 10px; vertical-align: bottom; width: 71.6503%;" valign="bottom"><br></td>
<td style="border-bottom-width: 1px; height: 10px; vertical-align: bottom; width: 1.38889%;" valign="bottom"><br></td>
<td style="height: 10px; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000 !important; width: 11.9281%;" colspan="6" valign="bottom"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;"><font style="border-left: none; border-right: none; line-height: inherit;">Year Ended <font>December 31,</font></font></font><br></td>
<td style="text-align: center; vertical-align: bottom; height: 10px; width: 0.980392%;" valign="bottom"><br></td>
</tr>
<tr style="height: 10px;">
<td style="border-bottom-width: 1px; height: 10px; vertical-align: bottom; width: 71.6503%;" valign="bottom"><br></td>
<td style="border-bottom-width: 1px; height: 10px; vertical-align: bottom; width: 1.38889%;" valign="bottom"><br></td>
<td style="height: 10px; padding: 0px; border-bottom: 1px solid #000000; vertical-align: bottom; width: 0.980392%;" valign="bottom"><br></td>
<td style="text-align: center; height: 10px; vertical-align: bottom; border-bottom: 0.75pt solid #000000 !important; width: 10.9477%;" valign="bottom"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;"><font>2022</font></font><br></td>
<td style="text-align: center; vertical-align: bottom; height: 10px; width: 0.980392%;" valign="bottom"><br></td>
<td style="border-bottom-width: 1px; height: 10px; vertical-align: bottom; width: 0.980392%;" valign="bottom"><br></td>
<td style="height: 10px; border-bottom: 1px solid #000000; vertical-align: bottom; width: 0.980392%;" valign="bottom"><br></td>
<td style="text-align: center; height: 10px; vertical-align: bottom; border-bottom: 0.75pt solid #000000 !important; width: 10.9477%;" valign="bottom"><font style="line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;"><font>2021</font></font></font><br></td>
<td style="text-align: center; vertical-align: bottom; height: 10px; width: 0.980392%;" valign="bottom"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="border-bottom-width: 1px; height: 10px; width: 71.6503%; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash</font></td>
<td style="height: 10px; width: 1.38889%; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="height: 10px; padding: 0px; width: 0.980392%; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font></td>
<td style="text-align: right; height: 10px; width: 10.9477%; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font>14,446,534</font></td>
<td style="text-align: right; width: 0.980392%; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom"><br></td>
<td style="height: 10px; width: 0.980392%; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="height: 10px; width: 0.980392%; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font></td>
<td style="text-align: right; height: 10px; width: 10.9477%; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font>14,131,396</font></td>
<td style="text-align: right; width: 0.980392%; vertical-align: bottom; height: 10px; background-color: #cceeff;" valign="bottom"><br></td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: bottom; width: 71.6503%;" valign="bottom"><font style="height: 17px; vertical-align: bottom; width: 71.6503%; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash equivalents - Private securities <font style="font-size: 9pt;"><sup><font style="line-height: inherit;" lang="EN-US">(i)</font></sup></font></font></td>
<td style="height: 10px; vertical-align: bottom; width: 1.38889%;" valign="bottom"><br></td>
<td style="height: 10px; padding: 0px; vertical-align: bottom; width: 0.980392%;" valign="bottom"><br></td>
<td style="text-align: right; height: 10px; vertical-align: bottom; width: 10.9477%;" valign="bottom"><font style="line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;"><font>4,483,260</font></font></td>
<td style="text-align: right; vertical-align: bottom; height: 10px; width: 0.980392%;" valign="bottom"><br></td>
<td style="height: 10px; border-bottom-width: 1px; vertical-align: bottom; width: 0.980392%;" valign="bottom"><br></td>
<td style="height: 10px; vertical-align: bottom; width: 0.980392%;" valign="bottom"><br></td>
<td style="text-align: right; height: 10px; vertical-align: bottom; width: 10.9477%;" valign="bottom"><font style="line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;"><font>245,127</font></font></td>
<td style="text-align: right; vertical-align: bottom; height: 10px; width: 0.980392%;" valign="bottom"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 10px;">
<td style="vertical-align: bottom; width: 71.6503%; background-color: #cceeff; height: 10px;"><font style="height: 17px; vertical-align: bottom; width: 71.6503%; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Fixed deposits <font style="font-size: 9pt;"><sup><font style="line-height: inherit;" lang="EN-US">(ii)</font></sup></font></font></td>
<td style="vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; border-bottom: 1px solid #000000; vertical-align: bottom; width: 0.980392%; background-color: #cceeff; height: 10px;"><br></td>
<td style="text-align: right; vertical-align: bottom; width: 10.9477%; background-color: #cceeff; height: 10px; border-bottom: 0.75pt solid #000000 !important;"><font>30,216,269</font><br></td>
<td style="text-align: right; vertical-align: bottom; width: 0.980392%; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom-width: 1px; vertical-align: bottom; width: 0.980392%; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 0.980392%; background-color: #cceeff; height: 10px;"><br></td>
<td style="text-align: right; vertical-align: bottom; width: 10.9477%; background-color: #cceeff; height: 10px; border-bottom: 0.75pt solid #000000 !important;"><font>-</font><br></td>
<td style="text-align: right; vertical-align: bottom; width: 0.980392%; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: bottom; width: 71.6503%;" valign="bottom"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total </font><br></td>
<td style="height: 10px; vertical-align: bottom; width: 1.38889%;" valign="bottom"><br></td>
<td style="height: 10px; padding: 0px; vertical-align: bottom; width: 0.980392%; border-bottom: 1px solid #000000;" valign="bottom"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font></td>
<td style="text-align: right; height: 10px; vertical-align: bottom; width: 10.9477%; border-bottom: 1px solid #000000;" valign="bottom"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;"><font>49,146,063</font></font></td>
<td style="text-align: right; vertical-align: bottom; height: 10px; width: 0.980392%;" valign="bottom"><br></td>
<td style="height: 10px; vertical-align: bottom; width: 0.980392%;" valign="bottom"><br></td>
<td style="height: 10px; vertical-align: bottom; width: 0.980392%; border-bottom: 1px solid #000000;" valign="bottom"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font></td>
<td style="text-align: right; height: 10px; vertical-align: bottom; width: 10.9477%; border-bottom: 1px solid #000000;" valign="bottom"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;"><font>14,376,523</font></font></td>
<td style="text-align: right; vertical-align: bottom; height: 10px; width: 0.980392%;" valign="bottom"><br></td>
</tr>

</table>
<p style=";margin: 0px !important;"><br></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 34px;">

<tr style="height: 17px;">
<td style="width: 3%; padding: 0px 0px 0px 5px; vertical-align: top; height: 17px;" valign="top">
<p><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(i)</font></p>
</td>
<td style="width: 97%; vertical-align: top; height: 17px;" valign="top">
<p><font style="font-size: 10pt; font-family: &quot;times new roman&quot;, times; line-height: inherit; border-right: none; border-left: none;"><font style="border-right: none; border-left: none; line-height: inherit;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Applications in Bank Deposit Certificates ("CDB&#8217;s"), issued by financial institutions in Brazil, available for redemption in up to 90 days.</font></font></font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 3%; padding: 0px 0px 0px 5px; vertical-align: top; height: 17px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(ii)&nbsp;</font></td>
<td style="width: 97%; vertical-align: top; height: 17px;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; line-height: inherit; border-right: none; border-left: none;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Fixed term deposits in US Dollars with original maturities of 90 days or less.</font></font></td>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt;">F-16</font></td>
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<p style="font-size: 10pt; margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font class="selected" style="line-height: inherit;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="border-left: none; border-right: none; line-height: inherit;"><font><font>4</font></font>. &nbsp;&nbsp;</font></font></font><font class="selected" style="font-weight: bold; line-height: inherit;">Related Party Transactions <br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px !important;"><br></p>
<p style="font-size: 10pt; margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">Relationship with ERJ&nbsp;</font></font></p>
<p style="font-size: 10pt; margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Prior to the <font style="line-height: inherit;" lang="EN-US">Closing of the transaction with Zanite</font>, Eve Sub was</font> <font style="line-height: inherit;">managed</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;"> operated</font><font style="line-height: inherit;">, </font><font style="line-height: inherit;">and </font><font style="line-height: inherit;">funded by ERJ. Accordingly, certain shared costs have been allocated to </font><font style="line-height: inherit;">Eve</font><font style="line-height: inherit;"> and reflected as expenses in </font><font style="line-height: inherit;">Eve</font><font style="line-height: inherit;">'s stand-alone audited consolidated financial statements. The expenses reflected in the audited consolidated financial statements may not be indicative of expenses that will be incurred by Eve</font><font style="line-height: inherit;">&nbsp;in the future.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">a)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="line-height: inherit;">Corporate costs</font></font></p>
<p style="font-size: 10pt; margin: 0pt 0pt 0pt 45pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">ERJ incurred corporate costs for services provided to the UAM Business</font><font style="line-height: inherit;">. These costs include expenses for information systems, accounting, other financial services such as treasury, external audit, purchasing, human resources, legal, and facilities. Also includes UAM related to R&amp;D expenses.<br></font></font></p>
<p style="font-size: 10pt; margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Until December 31, 2021, a portion of these costs that benefited the UAM Business, was</font><font style="line-height: inherit;">&nbsp;allocated to </font><font style="line-height: inherit;">t</font><font style="line-height: inherit;">he UAM Business</font><font style="line-height: inherit;"> using a pro-rata method based on R&amp;D project </font><font style="line-height: inherit;">related costs, headcount, or other measures that management believes are consistent and reasonable.</font></font></p>
<p style="font-size: 10pt; margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 1.2; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #000000; line-height: inherit;" lang="EN-US">Effective January 1, 2022, ERJ started charging Eve Sub for R&amp;D and selling, administrative services under the MSA and SSA, respectively (see more details below).</font><font style="line-height: inherit;" lang="EN-US"> Additionally, from January 1, 2022, until the Closing date, Eve kept carving-out certain corporate costs.</font></font></p>
<p style="font-size: 10pt; margin: 0cm 0cm 0.0001pt; text-align: justify; text-indent: 24.5pt; line-height: 1.2; font-family: Calibri, sans-serif;"><br></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 1.2; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font lang="EN-US">After the Closing, ERJ, EAH and other related parties started charging Eve for the costs that benefited the Company. The charges include the amounts that were previously carved-out from January 1, 2022, until the Closing date, plus amounts incurred after the Closing date. The corporate allocated costs included in the audited consolidated statement of operations were $<font>2,101,356</font>&nbsp;and $<font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font><font>16,701,385</font></font></font> <font style="color: #000000; line-height: inherit;">for the year ended <font>December 31, 2022</font>, (<font><font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000;" lang="EN-US">specifically the period from January 1, 2022, through May 9, 2022), </font></font>and <font>2021</font>, respectively, </font></font><font style="line-height: inherit;" lang="EN-US"><font style="color: #000000; font-family: 'times new roman', times; line-height: inherit;">and were included into SG&amp;A and R&amp;D expenses for each of the year as follows:</font></font></font></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 1.2; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><br></p>
<div>
<table style="height: 50px; width: 99.1097%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 48.011%;"><br></td>
<td style="height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%;"><br></td>
<td style="text-align: center; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%; height: 10px;"><br></td>
<td style="text-align: center; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 24.1001%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" colspan="6"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"><font style="border-right: none; border-left: none; line-height: inherit;">Year Ended <font>December 31,</font></font></font><br></td>
<td style="text-align: center; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 48.011%;"><br></td>
<td style="height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%;"><br></td>
<td style="text-align: center; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%; height: 10px;"><br></td>
<td style="text-align: center; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 11%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" colspan="2"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"><font>2022</font></font><br></td>
<td style="text-align: center; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%;"><br></td>
<td style="text-align: center; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%;"><br></td>
<td style="text-align: center; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="text-align: center; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 10.0137%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-weight: bold; line-height: inherit; font-size: 10pt;"><font>2021</font></font></td>
<td style="text-align: center; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; background-color: #cceeff; font-size: 10pt; font-family: 'Times New Roman'; width: 48.011%;"><font style="font-size: 10pt; line-height: inherit;">SG&amp;A&nbsp;</font></td>
<td style="background-color: #cceeff; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%;"><br></td>
<td style="background-color: #cceeff; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%; height: 10px;"><br></td>
<td style="background-color: #cceeff; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1%;"><font style="font-size: 10pt; line-height: inherit;">$</font></td>
<td style="height: 10px; text-align: right; background-color: #cceeff; font-size: 10pt; font-family: 'Times New Roman'; width: 10%;"><font style="font-size: 10pt; line-height: inherit;"><font>1,422,063</font></font></td>
<td style="text-align: right; background-color: #cceeff; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%;"><br></td>
<td style="text-align: right; background-color: #cceeff; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%;"><br></td>
<td style="background-color: #cceeff; text-align: left; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">$</font></td>
<td style="text-align: right; background-color: #cceeff; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 10.0137%;"><font>4,528,892</font><br></td>
<td style="text-align: right; background-color: #cceeff; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 48.011%;"><font style="font-size: 10pt; line-height: inherit;">R&amp;D</font></td>
<td style="height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%;"><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%; height: 10px;"><br></td>
<td style="height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="height: 10px; text-align: right; font-size: 10pt; font-family: 'Times New Roman'; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; line-height: inherit;"><font>679,293</font></font></td>
<td style="text-align: right; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%;"><br></td>
<td style="text-align: right; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%;"><br></td>
<td style="text-align: right; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="text-align: right; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 10.0137%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font>12,172,493</font></td>
<td style="text-align: right; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; background-color: #cceeff; font-size: 10pt; font-family: 'Times New Roman'; width: 48.011%;"><font style="font-weight: bold;">Total</font><br></td>
<td style="background-color: #cceeff; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%;"><br></td>
<td style="background-color: #cceeff; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%; height: 10px;"><br></td>
<td style="background-color: #cceeff; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">$</font></td>
<td style="height: 10px; text-align: right; background-color: #cceeff; font-size: 10pt; font-family: 'Times New Roman'; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"><font>2,101,356</font></font></td>
<td style="text-align: right; background-color: #cceeff; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%;"><br></td>
<td style="text-align: right; background-color: #cceeff; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%;"><br></td>
<td style="background-color: #cceeff; text-align: left; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">$</font></td>
<td style="text-align: right; background-color: #cceeff; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; width: 10.0137%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font>16,701,385</font></td>
<td style="text-align: right; background-color: #cceeff; height: 10px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.02881%;"><br></td>
</tr>

</table>
</div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit; font-family: 'Times New Roman', serif; color: #000000;" lang="EN-US">b)<font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 30px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;<font style="line-height: inherit;">&nbsp;</font></font>Transaction Costs <br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><br></p>
<p style="margin: 0pt; text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: justify;"><font lang="EN-US">During the year ended December 31, 2022, and December 31, 2021, both ERJ and EAH paid for Transaction Costs attributable to the UAM business. The Transaction Costs include but are not limited to costs associated with lawyers, bankers, consulting and auditing services with the objective to effectuate the transaction with Zanite, as described in Note <font>1</font>. </font><font style="font-size: 10.0pt; line-height: 107%; mso-ansi-language: EN-US;" lang="EN-US">Direct Transaction Costs were deferred to the extent permitted by the accounting standards by Eve. Transaction Costs not considered to be direct were expensed by Eve in the period incurred.</font></p>
<p style="margin: 0pt; text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: justify;"><br></p>
<p style="margin: 0pt; text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;" lang="EN-US">Management analyzed the nature and timing of the costs to det<font style="font-family: 'times new roman', times;">ermine whether they were i) directly related to the carve-out structuring and reporting preparation, ii) directly related to the anticipated closing of the transaction with Zanite, or iii) weren&#8217;t related to either of the aforementioned (other). <font style="line-height: inherit;" lang="EN-US">The Transaction Costs, in million of US$, were as follows:</font></font></font></p>
<p style="margin: 0pt; text-indent: 22.5pt; font-size: 11pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: justify;"><br></p>
<div style="border-left: none; border-right: none; line-height: 1.2;">
<div>
<div style="border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">
<div style="border-right: none; border-left: none;">
<div>
<table style="height: 0px; border-collapse: collapse; width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;" width="100%" cellspacing="0" cellpadding="0" border="0">

<tr style="height: 15px;">
<td style="height: 15px; padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; text-align: center; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom" height="20"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Period</font></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; text-align: center; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; text-align: center; height: 15px; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Carve-out related expenses</font></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; text-align: center; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 15px;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; text-align: center; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; text-align: center; height: 15px; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Directly related to the transaction</font></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; text-align: center; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 15px;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; text-align: center; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; text-align: center; height: 15px; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other</font></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; text-align: center; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 15px;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; text-align: center; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; text-align: center; height: 15px; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total</font></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; text-align: center; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 15px;" valign="bottom"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td class="ng-scope" style="height: 15px; padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; width: 52%;" valign="bottom" height="20"><font style="font-size: 10pt; line-height: inherit;">Total Transaction Costs </font><font>2021</font></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; height: 15px; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">$<br></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; height: 15px; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom" align="right"><font>1.8</font></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 15px; background-color: #cceeff; width: 1%;">&nbsp;<br></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; height: 15px; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom" align="right"><font>6.3</font></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 15px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; height: 15px; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom" align="right"><font>0.5</font></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 15px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; height: 15px; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom" align="right"><font>8.6</font></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 15px; background-color: #cceeff; width: 1%;" valign="bottom"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 16px;"><br></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 16px;"><br></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 16px;"><br></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 16px;"><br></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 16px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td class="ng-scope" style="height: 15px; padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff;" valign="bottom" height="20"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total Transaction Costs </font><font>2022</font></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; height: 15px; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom" align="right"><font>0.6</font></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; height: 15px; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom" align="right"><font>15.1</font></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; height: 15px; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom" align="right"><font>0.0</font></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; font-style: normal; text-decoration: none; white-space: nowrap; height: 15px; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom" align="right"><font>15.7</font></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 15px; background-color: #cceeff;" valign="bottom"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 16px;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 16px;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 16px;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 16px;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 16px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="height: 15px; padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff;" valign="bottom" height="20"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total <b><font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; color: black; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;" lang="EN-US">Accumulated directly related T</font></b>ransaction Costs</font></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">$<br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; height: 15px; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom" align="right"><font>2.4</font></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; height: 15px; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom" align="right"><font>21.4</font></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; height: 15px; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom" align="right"><font>0.5</font></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; height: 15px; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom" align="right"><font>24.3</font></td>
<td style="padding: 0px; color: #000000; font-weight: bold; font-style: normal; text-decoration: none; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; height: 15px; background-color: #cceeff;" valign="bottom"><br></td>
</tr>

</table>
</div>
</div>
</div>
</div>
</div>
</div>
<div style="font-size: 10pt; line-height: 1.2;">
<div>
<div>
<p style="margin: 0pt; text-align: justify; font-size: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font>F-<font>17</font></font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br></div>
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</div>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 1.2; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; line-height: inherit;" lang="EN-US"><font style="font-family: 'times new roman', times; line-height: inherit;"><br></font></font></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 1.2; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><font lang="EN-US"><font style="font-family: 'times new roman', times; line-height: inherit;">Of the Transaction Costs incurred in </font><font>2021</font><font style="font-family: 'times new roman', times; line-height: inherit;">, $</font><font>6.3</font><font style="font-family: 'times new roman', times; line-height: inherit;"> million were deferred and recognized on the December 31, 2021 consolidated balance sheet as Other current assets (see Note </font><font>6</font><font style="font-family: 'times new roman', times; line-height: inherit;">). The remainder, $</font><font>2.4</font><font style="font-family: 'times new roman', times; line-height: inherit;"> million, was recorded in the year ended December 31, 2021 consolidated statement of operation in Selling, general and administrative expense.<font style="line-height: inherit;">&nbsp; </font></font><font style="line-height: inherit;">&nbsp;&nbsp;</font><font style="line-height: inherit;">&nbsp;</font><font style="line-height: inherit;">&nbsp;</font></font><br></p>
<p style="margin: 0pt; text-align: justify; font-size: 7pt; line-height: 1.2;"><br></p>
<p style="margin: 0pt; text-indent: 22.5pt; font-size: 11pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Transaction Costs total amount was reimbursed by Eve to ERJ and EAH upon Closing.</font></p>
<p style="margin: 0pt; text-indent: 22.5pt; font-size: 11pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: justify;"><br></p>
<p style="margin: 0pt; text-indent: 22.5pt; font-size: 11pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Transaction Costs reimbursed to Zanite <font lang="EN-US">amounted $<font>22.2</font> million and </font>decreased the proceeds raised from the issuance of common stock.</font></p>
<p style="font-size: 10pt; margin: 0pt 0pt 0pt 27pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">c)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp; </font><font style="line-height: inherit;">Cash Management and Financing</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font lang="EN-US">Eve is responsible for managing its own cash which was originally comprised of the $<font>15.0</font> million of capital contribution made by ERJ in July 2021 upon the formation of the legal entity.</font></p>
<p style="font-size: 10pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2; margin: 0px !important;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font lang="EN-US">Upon the Closing, Eve received approximately $<font>355</font> million in cash.&nbsp;</font></p>
<p style="font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="line-height: inherit;">d)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="line-height: inherit;"><font style="line-height: inherit;">Master Service Agreement and Shared Service Agreement</font></font></font></p>
<p style="font-size: 10pt; margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="line-height: inherit;"><font style="-webkit-font-smoothing: antialiased; box-sizing: border-box; color: #252423; font-style: inherit; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: inherit; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"> <font style="line-height: inherit; color: black;" lang="EN-US">In connection with the transfer of the UAM Business to Eve Sub, ERJ and Eve Sub entered into a MSA and SSA on December 14, 2021.&nbsp;</font><font style="line-height: inherit;" lang="EN-US"><font>The initial terms for the MSA and SSA are <font>15</font></font></font><font style="border-left: none; border-right: none; line-height: inherit;">&nbsp;years</font>.&nbsp;</font></font><font lang="EN-US">The MSA can be automatically renewed for additional successive <font style="border-left: none; border-right: none;">one</font>-year periods.&nbsp;</font><font style="color: #000000; line-height: inherit;" lang="EN-US">The MSA has established a fee to be charged by ERJ to Eve so that Eve may be provided with access to ERJ&#8217;s R&amp;D and engineering department structure, as well as, at Eve<font style="line-height: inherit;" lang="EN-US"><font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000;" lang="EN-US">&#8217;</font></font>s option, the ability to access manufacturing facilities in the future. </font><font lang="EN-US">The SSA has established a cost overhead pool to be allocated, excluding any margin, to Eve so that Eve may be provided with access to certain of ERJ&#8217;s administrative services and facilities which are commonly used across the ERJ business such as back-office shared service centers. In addition, on December 14, 2021, Eve Sub entered into a MSA with Atech Neg&#243;cios em Tecnologias S.A., a Brazilian corporation (<font style="font-style: italic; line-height: inherit;">sociedade an&#244;nima</font>) and wholly-owned subsidiary of ERJ (&#8220;Atech&#8221;), for an initial term of <font>15</font><font style="border-left: none; border-right: none; line-height: inherit;">&nbsp;years (the "Atech MSA")</font>. Fees under the Atech MSA are charged to Eve for services related to Air Traffic Management, defense systems, simulation systems, engineering and consulting services.</font></font></p>
<p style="font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font> <font style="line-height: inherit;" lang="EN-US">As of <font>December 31, 2022</font>, t</font>here is an outstanding related party payable of $<font style="border-right: medium none; border-left: medium none; line-height: inherit;"><font>12,625,243</font></font> of which $<font>11,080,688</font> and $<font>370,899</font> are related to the MSA and SSA, respectively. During the year ended <font>December 31, 2022</font> Eve has incurred cost in the amount of $<font>39,485,512</font>, of which $<font>38,588,166</font> is in relation to the MSA and $<font>897,346</font> is in relation to the SSA. </font></p>
<p style="font-size: 10pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2; margin: 0px !important;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Fees and expenses in connection with the MSA are set to be payable within <font><font>45</font></font> days of receipt by Eve of an invoice from ERJ together with documentation supporting the fees and expenses set forth on such invoice. Costs and expenses incurred in connection with the provision of shared services to Eve pursuant to the SSA are set to be payable within <font><font>45</font> </font>days of receipt by Eve. All payments and amounts are due or paid in US Dollars <font style="line-height: inherit; color: black;" lang="EN-US">and are recognized in the Related party payable caption.</font> </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="line-height: inherit;">e)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;<font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;</font></font><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;" lang="EN-US">Related</font><font style="line-height: inherit; color: #000000;" lang="EN-US"> party receivables/payables</font></font></font></font></font></font></font></font></font></p>
<p style="font-size: 13.3333px; margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Certain employees were transferred&nbsp;from ERJ to Eve. On the transfer date of each employee, all payroll related accruals were assumed by Eve and it recognized a related party receivable from ERJ. Additionally, EAH transferred certain liabilities related to the Eve business, which led to the recognition of a receivable from EAH. This receivable balance is decreased when EAH pays for corporate expenses (e.g., health insurance) on behalf of Eve.&nbsp;&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; font-size: 7pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font>As of <font>December 31, 2022</font>, there is an outstanding related party receivable balance of $<font>82,854,087</font><font style="border-left: none; border-right: none; line-height: inherit;">, </font>of which $<font>190,518</font> relates to ERJ<font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;" lang="EN-US"><font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000;" lang="EN-US">&#8217;</font></font></font>s LTIP, $<font>13,194</font> relates to credit with Atech, and a related party loan and accrued interest in the amount of $<font>82,650,375</font> with EAH, as stipulated below in section (g). As of <font>December 31, 2022</font>, there is an outstanding related party payable of $<font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font>12,625,243</font></font>, <font style="line-height: inherit;"> <font style="line-height: inherit;" lang="EN-US"><font style="font-size: 10pt;">which is mostly comprised of balances due to ERJ and Atech under the MSA</font> and SSA</font>.</font><br></font></p>
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<p style="font-size: 13.3333px; margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="line-height: inherit;">f)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: inherit;"><font size="1">&nbsp;</font><font style="line-height: inherit;"><font style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;" size="1">&nbsp;<font style="color: #000000; font-size: 10pt; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; color: black; line-height: inherit;"> Royalty-free licenses</font>&nbsp;</font></font></font></font></font></p>
<p style="font-size: 13.3333px; margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The agreements with ERJ also allow Eve to access royalty-free license to ERJ<font style="line-height: inherit;" lang="EN-US"><font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000;" lang="EN-US">&#8217;</font></font>s&nbsp;background intellectual&nbsp;property to be used within the UAM market.&nbsp;</font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">g)<font size="1">&nbsp;</font><font style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;" size="1">&nbsp;<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;Related party loan</font></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><br></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 1.2; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #000000; line-height: inherit;" lang="EN-US"><font style="font-size: 10pt; line-height: inherit;">O</font>n August 1, 2022, </font><font style="line-height: inherit;" lang="EN-US">the Company&#8217;s subsidiary, Eve Sub (the &#8220;Lender&#8221;), <font style="color: #000000; line-height: inherit;">entered into a loan </font>agreement <font style="color: #000000; line-height: inherit;">(the &#8220;Loan Agreement&#8221;) with EAH, the Company&#8217;s </font>majority <font style="color: #000000; line-height: inherit;">stockholder, in order to efficiently manage the Company&#8217;s cash reserves at a rate of return</font> that is favorable to the Company<font style="color: #000000; line-height: inherit;">. Pursuant to the Loan Agreement, the Lender </font>has agreed to<font style="color: #000000; line-height: inherit;"> lend to EAH an aggregate principal amount of </font>up to $<font style="line-height: inherit;"><font><font>81,000,000</font></font></font><font style="color: #000000; line-height: inherit;"> at an interest rate of <font><font>4.89</font></font>% per annum. All unpaid principal </font>advanced <font style="color: #000000; line-height: inherit;">under the Loan Agreement</font>, together with any accrued and unpaid interest thereon,<font style="color: #000000; line-height: inherit;"> shall be due and payable on <font style="line-height: inherit;">August 1, 2023</font>, which date may be extended upon mutual written agreement of the Lender and EAH. Any outstanding principal amount under the Loan Agreement may be prepaid at any time, in whole or in part, by EAH at its election and without penalty, and the Lender may request full or partial prepayment from EAH of any outstanding principal amount under the Loan Agreement at any time.</font>&nbsp; <font style="color: #000000; line-height: inherit;">In accordance with the Company&#8217;s Related Person Transactions Policy, on July 22, 2022, the Loan Agreement was unanimously approved by the Company&#8217;s independent directors.&nbsp;</font></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;" lang="EN-US"> See below a summary of related party balances and the impacts on the results:</font> <br></font></p>
<p style="font-size: 13.3333px; margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><br></p>
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<td style="text-align: center; height: 17px; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" colspan="5"><font style="line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">Year Ended <font>December 31, 2022</font></font></font><br></td>
<td style="text-align: center; padding: 0px; height: 17px; border-bottom-width: 1px;"><br></td>
<td style="text-align: center; height: 17px; padding: 0px; border-bottom-width: 1px;"><br></td>
<td style="height: 17px; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="text-align: center; height: 17px; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" colspan="5"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Year Ended <font>December 31, 2021</font></font></td>
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<td style="height: 10px; padding: 0px; background-color: #ffffff; margin-left: 0.1px;"><br></td>
<td style="padding: 0px; height: 10px; background-color: #ffffff; margin-left: 0.1px;"><br></td>
<td style="height: 10px; padding: 0px; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="text-align: center; height: 10px; padding: 0px; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-weight: bold; font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">Assets</font></td>
<td style="text-align: center; padding: 0px; height: 10px; border-bottom-width: 1px; background-color: #ffffff; margin-left: 0.1px;"><br></td>
<td style="text-align: center; padding: 0px; height: 10px; border-bottom-width: 1px; background-color: #ffffff; margin-left: 0.1px;"><br></td>
<td style="text-align: center; height: 10px; padding: 0px; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="text-align: center; height: 10px; padding: 0px; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-weight: bold; font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">Liabilities</font></td>
<td style="text-align: center; padding: 0px; height: 10px; border-bottom-width: 1px; background-color: #ffffff; margin-left: 0.1px;"><br></td>
<td style="text-align: center; height: 10px; padding: 0px; border-bottom-width: 1px; background-color: #ffffff; margin-left: 0.1px;"><br></td>
<td style="height: 10px; padding: 0px; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="text-align: center; height: 10px; padding: 0px; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Assets</font></td>
<td style="text-align: center; padding: 0px; height: 10px; border-bottom-width: 1px; background-color: #ffffff; margin-left: 0.1px;"><br></td>
<td style="text-align: center; padding: 0px; height: 10px; border-bottom-width: 1px; background-color: #ffffff; margin-left: 0.1px;"><br></td>
<td style="height: 10px; padding: 0px; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="text-align: center; height: 10px; padding: 0px; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"> <font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Liabilities</font></font></td>
<td style="text-align: center; padding: 0px; height: 10px; background-color: #ffffff; margin-left: 0.1px;"><br></td>
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<td style="height: 12px; padding: 0px; width: 48%; background-color: #cceeff;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">ERJ</font></td>
<td style="padding: 0px; height: 12px; width: 1%; background-color: #cceeff;"><br></td>
<td style="height: 12px; padding: 0px; text-align: left; border-bottom-width: 1px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font></td>
<td style="height: 12px; border-bottom-width: 1px; text-align: right; padding: 0px; width: 10%; background-color: #cceeff;"><font>190,518</font></td>
<td style="text-align: right; padding: 0px; height: 12px; border-bottom-width: 1px; width: 1%; background-color: #cceeff;"><br></td>
<td style="text-align: right; padding: 0px; height: 12px; border-bottom-width: 1px; width: 1%; background-color: #cceeff;"><br></td>
<td style="height: 12px; border-bottom-width: 1px; padding: 0px; text-align: left; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font><br></td>
<td style="height: 12px; border-bottom-width: 1px; text-align: right; padding: 0px; width: 10%; background-color: #cceeff;"><font>11,347,799</font></td>
<td style="text-align: right; padding: 0px; height: 12px; border-bottom-width: 1px; width: 1%; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 12px; padding: 0px; border-bottom-width: 1px; width: 1%; background-color: #cceeff;"><br></td>
<td style="height: 12px; border-bottom-width: 1px; padding: 0px; text-align: left; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font><br></td>
<td style="height: 12px; border-bottom-width: 1px; text-align: right; padding: 0px; width: 10%; background-color: #cceeff;"><font>220,000</font></td>
<td style="text-align: right; padding: 0px; height: 12px; border-bottom-width: 1px; width: 1%; background-color: #cceeff;"><br></td>
<td style="text-align: right; padding: 0px; height: 12px; border-bottom-width: 1px; width: 1%; background-color: #cceeff;"><br></td>
<td style="height: 12px; border-bottom-width: 1px; padding: 0px; text-align: left; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font><br></td>
<td style="height: 12px; border-bottom-width: 1px; text-align: right; padding: 0px; width: 10%; background-color: #cceeff;"><font>-</font></td>
<td style="text-align: right; padding: 0px; height: 12px; width: 1%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">EAH</font></td>
<td style="padding: 0px; height: 10px;"><br></td>
<td style="text-align: right; height: 10px; padding: 0px; border-bottom-width: 1px;"><br></td>
<td style="border-bottom-width: 1px; text-align: right; height: 10px; padding: 0px;"><font>82,650,375</font><br></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px;"><br></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px;"><br></td>
<td style="border-bottom-width: 1px; text-align: right; height: 10px; padding: 0px;"><br></td>
<td style="border-bottom-width: 1px; text-align: right; height: 10px; padding: 0px;"><font>655,519</font></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px;"><br></td>
<td style="text-align: right; height: 10px; padding: 0px; border-bottom-width: 1px;"><br></td>
<td style="border-bottom-width: 1px; text-align: right; height: 10px; padding: 0px;"><br></td>
<td style="border-bottom-width: 1px; text-align: right; height: 10px; padding: 0px;"><font>-</font><br></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px;"><br></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px;"><br></td>
<td style="border-bottom-width: 1px; text-align: right; height: 10px; padding: 0px;"><br></td>
<td style="border-bottom-width: 1px; text-align: right; height: 10px; padding: 0px;"><font>8,642,340</font><br></td>
<td style="text-align: right; padding: 0px; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; text-align: left; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">Atech</font></td>
<td style="text-align: left; padding: 0px; height: 10px; background-color: #cceeff;"><br></td>
<td style="text-align: left; height: 10px; padding: 0px; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="height: 10px; text-align: right; padding: 0px; border-bottom-width: 1px; background-color: #cceeff;"><font>13,194</font></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="height: 10px; text-align: right; padding: 0px; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="height: 10px; text-align: right; padding: 0px; border-bottom-width: 1px; background-color: #cceeff;"><font>136,036</font></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 10px; padding: 0px; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="height: 10px; text-align: right; padding: 0px; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="height: 10px; text-align: right; padding: 0px; border-bottom-width: 1px; background-color: #cceeff;"><font>-</font></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="height: 10px; text-align: right; padding: 0px; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="height: 10px; text-align: right; padding: 0px; border-bottom-width: 1px; background-color: #cceeff;"><font>-</font></td>
<td style="text-align: right; padding: 0px; height: 10px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="text-align: left; padding: 0px; height: 10px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other related parties</font></td>
<td style="text-align: left; padding: 0px; height: 10px;"><br></td>
<td style="padding: 0px; text-align: left; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font>-</font><br></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px;"><br></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px;"><br></td>
<td style="padding: 0px; text-align: left; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font>485,889</font><br></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px;"><br></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px;"><br></td>
<td style="padding: 0px; text-align: left; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font>-</font><br></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px;"><br></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px;"><br></td>
<td style="padding: 0px; text-align: left; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font>-</font><br></td>
<td style="text-align: right; padding: 0px; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; text-align: left; padding: 0px; background-color: #cceeff;"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;">Total</font><br></td>
<td style="text-align: left; padding: 0px; height: 10px; background-color: #cceeff;"><br></td>
<td style="height: 10px; padding: 0px; text-align: left; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;">$</font></td>
<td style="height: 10px; text-align: right; padding: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit; font-family: 'times new roman', times;"><font>82,854,087</font></font></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="height: 10px; padding: 0px; text-align: left; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;">$</font><br></td>
<td style="height: 10px; text-align: right; padding: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit; font-family: 'times new roman', times;"><font>12,625,243</font></font></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 10px; padding: 0px; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="height: 10px; padding: 0px; text-align: left; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;">$</font><br></td>
<td style="height: 10px; text-align: right; padding: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit; font-family: 'times new roman', times;"><font>220,000</font></font></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="height: 10px; padding: 0px; text-align: left; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;">$</font><br></td>
<td style="height: 10px; text-align: right; padding: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit; font-family: 'times new roman', times;"><font>8,642,340</font></font></td>
<td style="text-align: right; padding: 0px; height: 10px; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
</div>
<br>
<div style="border-left: none; border-right: none;">
<div>
<table style="height: 99px; width: 100%; margin-left: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" cellpadding="0">

<tr style="height: 10px;">
<td style="height: 10px; padding: 0px; width: 60.241%;"><br></td>
<td style="border-bottom-width: 1px; padding: 0px; height: 10px; width: 1.05422%;"><br></td>
<td style="padding: 0px; text-align: center; height: 10px; width: 38.1024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" colspan="10"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;">Operating expenses - Year Ended <font>December 31,</font></font><br></td>
<td style="border-bottom-width: 1px; padding: 0px; height: 10px; width: 1.50602%;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; padding: 0px; width: 60.241%; background-color: #ffffff; margin-left: 0.1px;"><br></td>
<td style="border-bottom-width: 1px; padding: 0px; height: 10px; width: 1.05422%; background-color: #ffffff; margin-left: 0.1px;"><br></td>
<td style="padding: 0px; height: 10px; width: 1.20482%; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; text-align: center; height: 10px; width: 10.3916%; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;"><font>2022</font></font></td>
<td style="border-bottom-width: 1px; padding: 0px; height: 10px; width: 1.05422%; background-color: #ffffff; margin-left: 0.1px;"><br></td>
<td style="border-bottom-width: 1px; padding: 0px; height: 10px; width: 1.05422%; background-color: #ffffff; margin-left: 0.1px;"><br></td>
<td style="padding: 0px; height: 10px; width: 1.20482%; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; text-align: center; height: 10px; width: 9.93976%; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;"><font>2021</font></font></td>
<td style="border-bottom-width: 1px; padding: 0px; height: 10px; width: 1.05422%; background-color: #ffffff; margin-left: 0.1px;"><br></td>
<td style="border-bottom-width: 1px; padding: 0px; height: 10px; width: 1.05422%; background-color: #ffffff; margin-left: 0.1px;"><br></td>
<td style="padding: 0px; height: 10px; width: 1.20482%; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; text-align: center; height: 10px; width: 9.93976%; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-weight: bold; font-size: 10pt; font-family: 'times new roman', times;"><font>2020</font><font style="font-size: 9pt;"> <font style="font-size: 9pt; font-family: 'times new roman', times;"><b><font style="font-family: 'Times New Roman', serif; color: black;" lang="EN-US"> <sup><font style="font-family: 'Times New Roman', serif; color: black;" lang="EN-US">(i)</font></sup> </font></b></font><br></font></font></td>
<td style="border-bottom-width: 1px; padding: 0px; height: 10px; width: 1.50602%; background-color: #ffffff; margin-left: 0.1px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; padding: 0px; width: 60.241%; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">ERJ&nbsp;</font></td>
<td style="border-bottom-width: 1px; text-align: right; padding: 0px; height: 17px; width: 1.05422%; background-color: #cceeff;"><br></td>
<td style="border-bottom-width: 1px; padding: 0px; text-align: left; height: 17px; width: 1.20482%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font></td>
<td style="border-bottom-width: 1px; text-align: right; padding: 0px; height: 17px; width: 10.3916%; background-color: #cceeff;"><font>36,553,941</font></td>
<td style="border-bottom-width: 1px; text-align: right; padding: 0px; height: 17px; width: 1.05422%; background-color: #cceeff;"><br></td>
<td style="border-bottom-width: 1px; text-align: right; padding: 0px; height: 17px; width: 1.05422%; background-color: #cceeff;"><br></td>
<td style="border-bottom-width: 1px; padding: 0px; text-align: left; height: 17px; width: 1.20482%; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">$</font></td>
<td style="border-bottom-width: 1px; text-align: right; padding: 0px; height: 17px; width: 9.93976%; background-color: #cceeff;"><font>495,742</font></td>
<td style="border-bottom-width: 1px; text-align: right; padding: 0px; height: 17px; width: 1.05422%; background-color: #cceeff;"><br></td>
<td style="border-bottom-width: 1px; text-align: right; padding: 0px; width: 1.05422%; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom-width: 1px; padding: 0px; width: 1.20482%; text-align: left; height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="border-bottom-width: 1px; text-align: right; padding: 0px; width: 9.93976%; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="border-bottom-width: 1px; text-align: right; padding: 0px; width: 1.50602%; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; height: 17px; width: 60.241%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">EAH</font><br></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 17px; width: 1.05422%;"><br></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 17px; width: 1.20482%;"><br></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 17px; width: 10.3916%;"><font>6,190,634</font></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 17px; width: 1.05422%;"><br></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 17px; width: 1.05422%;"><br></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 17px; width: 1.20482%;"><br></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 17px; width: 9.93976%;"><font>2,389,083</font></td>
<td style="text-align: right; padding: 0px; height: 17px; border-bottom-width: 1px; width: 1.05422%;"><br></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 17px; width: 1.05422%;"><br></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 17px; width: 1.20482%;"><br></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 17px; width: 9.93976%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 17px; width: 1.50602%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; padding: 0px; width: 60.241%; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Atech</font></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 17px; width: 1.05422%; background-color: #cceeff;"><br></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 17px; width: 1.20482%; background-color: #cceeff;"><br></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 17px; width: 10.3916%; background-color: #cceeff;"><font>2,931,572</font></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 17px; width: 1.05422%; background-color: #cceeff;"><br></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 17px; width: 1.05422%; background-color: #cceeff;"><br></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 17px; width: 1.20482%; background-color: #cceeff;"><br></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 17px; width: 9.93976%; background-color: #cceeff;"><font>613,603</font></td>
<td style="text-align: right; padding: 0px; height: 17px; border-bottom-width: 1px; width: 1.05422%; background-color: #cceeff;"><br></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 17px; width: 1.05422%; background-color: #cceeff;"><br></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 17px; width: 1.20482%; background-color: #cceeff;"><br></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 17px; width: 9.93976%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 17px; width: 1.50602%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px; height: 18px; width: 60.241%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other related parties</font></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 18px; width: 1.05422%;"><br></td>
<td style="text-align: right; padding: 0px; height: 18px; width: 1.20482%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="text-align: right; padding: 0px; height: 18px; width: 10.3916%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font>485,889</font></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 18px; width: 1.05422%;"><br></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 18px; width: 1.05422%;"><br></td>
<td style="text-align: right; padding: 0px; height: 18px; width: 1.20482%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="text-align: right; padding: 0px; height: 18px; width: 9.93976%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font>-</font></td>
<td style="text-align: right; padding: 0px; height: 18px; border-bottom-width: 1px; width: 1.05422%;"><br></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 18px; width: 1.05422%;"><br></td>
<td style="text-align: right; padding: 0px; height: 18px; width: 1.20482%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="text-align: right; padding: 0px; height: 18px; width: 9.93976%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 18px; width: 1.50602%;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; padding: 0px; width: 60.241%; background-color: #cceeff;"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;">Total </font><br></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 10px; width: 1.05422%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: left; height: 10px; width: 1.20482%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; font-weight: bold;"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;">$</font></td>
<td style="text-align: right; padding: 0px; height: 10px; width: 10.3916%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; font-weight: bold;"><font>46,162,036</font></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 10px; width: 1.05422%; background-color: #cceeff;"><br></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 10px; width: 1.05422%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: left; height: 10px; width: 1.20482%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">$</font></td>
<td style="text-align: right; padding: 0px; height: 10px; font-weight: bold; width: 9.93976%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font>3,498,428</font></td>
<td style="text-align: right; padding: 0px; height: 10px; border-bottom-width: 1px; width: 1.05422%; background-color: #cceeff;"><br></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 10px; width: 1.05422%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; text-align: left; height: 10px; width: 1.20482%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="text-align: right; padding: 0px; height: 10px; width: 9.93976%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: right; padding: 0px; border-bottom-width: 1px; height: 10px; width: 1.50602%; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
</div>
</div>
</div>
<p style="font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 22.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-size: 9pt;">(i)&nbsp; </font><font style="border-right: none; border-left: none;"><font lang="EN-US">Eve expenses for <font>2020</font> were all carved-out from ERJ and EAH. Thus, no amounts were actually charged to Eve</font>.</font></font></font></p>
</div>
</div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; text-align: left; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><br></b></font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; text-align: left; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b>5.&nbsp; &nbsp; Property, Plant and Equipment</b></font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="text-indent: 22.5pt; margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Property, plant and equipment consisted of the following:&nbsp;&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div>
<table style="width: 100%; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 60px;" width="100%" cellspacing="0" cellpadding="0" border="0">

<tr style="height: 10px;">
<td style="padding: 0in; height: 10px;" valign="bottom" nowrap="nowrap"></td>
<td style="padding: 0in; height: 10px;" valign="bottom" nowrap="nowrap"></td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0in; height: 10px;" colspan="6" valign="bottom">
<p style="text-align: center; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; height: 17px;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b>Year Ended <font>December 31,</font></b></font></p>
</td>
<td style="padding: 0in; height: 10px;" valign="bottom">
<p style="text-align: center; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="color: #000000; line-height: inherit;">&nbsp;</font></b></font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0in; height: 10px;" valign="bottom" nowrap="nowrap"></td>
<td style="padding: 0in; height: 10px;" valign="bottom" nowrap="nowrap"></td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0in; height: 10px;" nowrap="nowrap">
<p style="text-align: center; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="color: #000000; line-height: inherit;">&nbsp;</font></b></font></p>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0in; height: 10px;" nowrap="nowrap">
<p style="text-align: center; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="color: #000000; line-height: inherit;"><font>2022</font></font></b><b></b></font></p>
</td>
<td style="padding: 0in; height: 10px; border-bottom-width: 1px;" nowrap="nowrap">
<p style="text-align: center; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="color: #000000; line-height: inherit;">&nbsp;</font></b></font></p>
</td>
<td style="padding: 0in; height: 10px; border-bottom-width: 1px;" valign="bottom" nowrap="nowrap"></td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0in; height: 10px;" nowrap="nowrap">
<p style="text-align: center; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="color: #000000; line-height: inherit;">&nbsp;</font></b></font></p>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0in; height: 10px;" nowrap="nowrap">
<p style="text-align: center; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="color: #000000; line-height: inherit;"><font>2021</font></font></b><b></b></font></p>
</td>
<td style="padding: 0in; height: 10px;" nowrap="nowrap">
<p style="text-align: center; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;" align="center"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="color: #000000; line-height: inherit;">&nbsp;</font></b></font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="width: 74%; background: none 0% 0% repeat scroll #cceeff; padding: 0in; height: 10px;" width="74%" valign="bottom" nowrap="nowrap">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> Development mockup<br></font></p>
</td>
<td style="width: 1%; background: none 0% 0% repeat scroll #cceeff; padding: 0in; height: 10px;" width="1%" valign="bottom" nowrap="nowrap">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="width: 1%; background: none 0% 0% repeat scroll #cceeff; padding: 0in; height: 10px;" width="1%" valign="bottom" nowrap="nowrap">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> $ </font></p>
</td>
<td style="width: 10%; background: none 0% 0% repeat scroll #cceeff; padding: 0in; height: 10px;" width="10%" valign="bottom" nowrap="nowrap">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <font>397,785</font> </font></p>
</td>
<td style="width: 1%; background: none 0% 0% repeat scroll #cceeff; padding: 0in; height: 10px;" width="1%" valign="bottom" nowrap="nowrap">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;" align="right"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="width: 1%; background: none 0% 0% repeat scroll #cceeff; padding: 0in; height: 10px;" width="1%" valign="bottom" nowrap="nowrap">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;" align="right"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="width: 1%; background: none 0% 0% repeat scroll #cceeff; padding: 0in; height: 10px;" width="1%" valign="bottom" nowrap="nowrap">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> $ </font></p>
</td>
<td style="width: 10%; background: none 0% 0% repeat scroll #cceeff; padding: 0in; height: 10px;" width="10%" valign="bottom" nowrap="nowrap">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font>-</font></font></p>
</td>
<td style="width: 1%; background: none 0% 0% repeat scroll #cceeff; padding: 0in; height: 10px;" width="1%" valign="bottom" nowrap="nowrap">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;" align="right"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="width: 74%; background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0in; height: 10px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Construction in progress ("CIP")</font><br></td>
<td style="width: 1%; background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0in; height: 10px;"><br></td>
<td style="width: 1%; background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0in; height: 10px;"><br></td>
<td style="width: 10%; background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0in; height: 10px; text-align: right;"><font>44,375</font><br></td>
<td style="width: 1%; background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0in; height: 10px;"><br></td>
<td style="width: 1%; background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0in; height: 10px;"><br></td>
<td style="width: 1%; background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0in; height: 10px;"><br></td>
<td style="width: 10%; background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0in; height: 10px; text-align: right;"><font>-</font><br></td>
<td style="width: 1%; background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0in; height: 10px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 10px;">
<td style="width: 74%; background: none 0% 0% repeat scroll #cceeff; padding: 0in; height: 10px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Computer hardware </font><br></td>
<td style="width: 1%; background: none 0% 0% repeat scroll #cceeff; padding: 0in; height: 10px;"><br></td>
<td style="width: 1%; background: none 0% 0% repeat scroll #cceeff; padding: 0in; border-bottom: 1px solid #000000; height: 10px;"><br></td>
<td style="width: 10%; background: none 0% 0% repeat scroll #cceeff; padding: 0in; border-bottom: 1px solid #000000; height: 10px; text-align: right;"><font>9,426</font><br></td>
<td style="width: 1%; background: none 0% 0% repeat scroll #cceeff; padding: 0in; border-bottom-width: 1px; height: 10px;"><br></td>
<td style="width: 1%; background: none 0% 0% repeat scroll #cceeff; padding: 0in; border-bottom-width: 1px; height: 10px;"><br></td>
<td style="width: 1%; background: none 0% 0% repeat scroll #cceeff; padding: 0in; border-bottom: 1px solid #000000; height: 10px;"><br></td>
<td style="width: 10%; background: none 0% 0% repeat scroll #cceeff; padding: 0in; border-bottom: 1px solid #000000; height: 10px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font>-</font></font><br></td>
<td style="width: 1%; background: none 0% 0% repeat scroll #cceeff; padding: 0in; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0in; height: 10px;" valign="bottom" nowrap="nowrap">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="color: #000000; line-height: inherit;">Total</font></b><b></b></font></p>
</td>
<td style="padding: 0in; height: 10px;" valign="bottom" nowrap="nowrap"></td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double black; padding: 0in; height: 10px;" valign="bottom" nowrap="nowrap">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="color: #000000; line-height: inherit;">$</font></b><b></b></font></p>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double black; padding: 0in; height: 10px;" valign="bottom" nowrap="nowrap">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="color: #000000; line-height: inherit;"><font>451,586</font></font></b><b></b></font></p>
</td>
<td style="padding: 0in; height: 10px;" valign="bottom" nowrap="nowrap">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="color: #000000; line-height: inherit;">&nbsp;</font></b></font></p>
</td>
<td style="padding: 0in; height: 10px;" valign="bottom" nowrap="nowrap"></td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double black; padding: 0in; height: 10px;" valign="bottom" nowrap="nowrap">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="color: #000000; line-height: inherit;">$</font></b><b></b></font></p>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2.25pt double black; padding: 0in; height: 10px;" valign="bottom" nowrap="nowrap">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font>-</font><b></b></font></p>
</td>
<td style="padding: 0in; height: 10px;" valign="bottom" nowrap="nowrap">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="color: #000000; line-height: inherit;">&nbsp;</font></b></font></p>
</td>
</tr>

</table>
</div>
<p style="text-indent: 22.5pt; line-height: 1.2; margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><br></font></p>
<p style="text-indent: 22.5pt; line-height: 1.2; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">The mockup was built to simulate the operation and design of Eve&#8217;s eVTOL, and also <font style="color: #000000; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: inherit;">to simulate</font> the interior space and cabin layout.&nbsp;</font></p>
<p style="text-indent: 0px; line-height: 1.2; margin: 0px; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><br></font></p>
<p style="text-indent: 22.5pt; line-height: 1.2; margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Depreciation and amortization expense of Property, plant and equipment and Right-of-use assets <font style="color: #000000; line-height: inherit;">for the&nbsp;<font>twelve months ended</font>&nbsp;<font style="border-right: none; border-left: none; line-height: inherit;"><font style="border-left: medium none; border-right: medium none;">December 31, 2022, </font></font></font>was $<font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font>33,495</font></font>, <font style="color: #000000; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: inherit;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">and $</font><font>0</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> for the <font>twelve months ended</font> <font style="border-left: medium none; border-right: medium none; line-height: inherit;">December 31, 2021.</font></font><br></font></font></p>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="line-height: 1.2;">
<div style="border-right: none; border-left: none;">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font class="pageno" style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">F-19</font></td>
</tr>

</table>
</div>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br></div>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<div style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">6.&nbsp; &nbsp;&nbsp;</font><font style="font-weight: bold;">Other </font><font style="font-weight: bold;">Current </font><font style="font-weight: bold;">Assets</font></font></div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">Other</font><font style="line-height: inherit;"> current assets are comprised</font><font style="line-height: inherit;"> of the follo<font style="line-height: inherit;">wing:&nbsp;</font></font></font></p>
<p style="text-align: justify; text-indent: 0px; margin: 0px;"><br></p>
<div style="border-left: none; border-right: none;">
<div>
<div style="border-left: none; border-right: none;">
<table style="height: 115px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 18px;">
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; margin: 0px; text-indent: 0px; width: 72.1356%; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; margin: 0px; text-indent: 0px; width: 1.42373%; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom: 1px solid #000000; width: 25.4915%; height: 18px; text-align: center;" colspan="6">
<p style="margin: 0px; text-indent: 0px;"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt;"><font style="border-left: medium none; border-right: medium none;">Year Ended December 31,</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.949157%; height: 18px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; width: 72.1356%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#8203; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; width: 1.42373%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#8203; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom: 1px solid #000000; width: 0.677968%; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 11.7288%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <font>2022</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; width: 1.01695%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#8203; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; width: 1.01695%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom: 1px solid #000000; width: 0.677966%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#8203; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.3729%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <font>2021</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.949157%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; margin: 0px; text-indent: 0px; width: 72.1356%; line-height: 108%; text-align: justify; height: 17px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prepaid Directors &amp; Officers insurance </font><br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; margin: 0px; text-indent: 0px; width: 1.42373%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; margin: 0px; text-indent: 0px; width: 0.677968%; height: 17px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">$</font><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; width: 11.7288%; text-align: right; height: 17px; background-color: #cceeff;"><font>1,292,317</font><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; width: 1.01695%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; width: 1.01695%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.677966%; height: 17px; border-bottom-width: 1px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">$</font><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; width: 10.3729%; text-align: right; height: 17px; background-color: #cceeff;"><font>-</font><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.949157%; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 19px;">
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 72.1356%; height: 19px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Income tax advance payments<font style="font-size: 8pt;"><sup>(i)</sup></font></font><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.42373%; border-bottom-width: 1px; height: 19px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.677968%; border-bottom-width: 1px; height: 19px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 11.7288%; border-bottom-width: 1px; text-align: right; height: 19px;"><font>34,642</font><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.01695%; border-bottom-width: 1px; height: 19px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.01695%; border-bottom-width: 1px; height: 19px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.677966%; border-bottom-width: 1px; height: 19px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.3729%; border-bottom-width: 1px; text-align: right; height: 19px;"><font>-</font><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.949157%; height: 19px;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px; width: 72.1356%; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> Advances to employees</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px; width: 1.42373%; border-bottom-width: 1px; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.677968%; height: 14px; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px; width: 11.7288%; border-bottom-width: 1px; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>74,064</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px; width: 1.01695%; border-bottom-width: 1px; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px; width: 1.01695%; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px; width: 0.677966%; border-bottom-width: 1px; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px; width: 10.3729%; border-bottom-width: 1px; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>17,063</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px; width: 0.949157%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 72.1356%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other current assets</font><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.42373%; border-bottom-width: 1px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.677968%; border-bottom-width: 1px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 11.7288%; border-bottom-width: 1px; text-align: right; height: 17px;"><font style="border-left: medium none; border-right: medium none; font-family: 'times new roman', times; font-size: 10pt;"><font>24,484</font></font><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.01695%; border-bottom-width: 1px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.01695%; border-bottom-width: 1px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.677966%; border-bottom-width: 1px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.3729%; border-bottom-width: 1px; text-align: right; height: 17px;"><font style="border-left: medium none; border-right: medium none; font-family: 'times new roman', times; font-size: 10pt;"><font>4,077</font></font><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.949157%; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; margin: 0px; text-indent: 0px; width: 72.1356%; line-height: 108%; text-align: justify; height: 10px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred Transaction Cost<font style="font-size: 8pt;"><sup>(ii)</sup></font></font><br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; margin: 0px; text-indent: 0px; width: 1.42373%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.677968%; border-bottom: 1px solid #000000; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 11.7288%; text-align: right; border-bottom: 1px solid #000000; height: 10px; background-color: #cceeff;"><font style="border-left: none; border-right: none; font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; width: 1.01695%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; width: 1.01695%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.677966%; border-bottom: 1px solid #000000; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.3729%; text-align: right; border-bottom: 1px solid #000000; height: 10px; background-color: #cceeff;"><font style="border-left: none; border-right: none; font-family: 'times new roman', times; font-size: 10pt;"><font>6,253,257</font></font><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.949157%; height: 10px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; width: 72.1356%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; margin: 0px; text-indent: 0px; width: 1.42373%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; width: 0.677968%; height: 10px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; width: 11.7288%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <font>1,425,507</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1.01695%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1.01695%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; width: 0.677966%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> $ </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; width: 10.3729%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <font>6,274,397</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.949157%;"><br></td>
</tr>

</table>
</div>
<div>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 107%; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: 107%; color: #000000;" lang="EN-US"><font style="mso-list: Ignore;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit; color: #000000;" lang="EN-US"><font style="line-height: inherit;"><br></font></font></font></font></font></font></font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2; font-size: 10pt; font-family: 'times new roman', times;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit; color: #000000;" lang="EN-US"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit; color: #000000;" lang="EN-US"><font style="line-height: inherit;"><font style="line-height: inherit;">(i) &nbsp; &nbsp; &nbsp;<font style="line-height: inherit; border-right: none; border-left: none;"><font style="line-height: inherit; color: #000000;" lang="EN-US">Refers to federal withholding taxes and recoverable income taxes.</font></font></font></font></font></font></font></font></font></font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2; font-size: 10pt; font-family: 'times new roman', times;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit; color: #000000;" lang="EN-US"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit; color: #000000;" lang="EN-US"><font style="line-height: inherit;">(ii)<font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp;&nbsp;<font style="line-height: inherit; border-right: none; border-left: none;"><font style="border-right: none; border-left: none; line-height: inherit;">Refers to the deferral of the Transaction Costs as of December 31, 2021. After the Closing on May 9, 2022, the deferred Transaction Costs were either expensed or <!--StartFragment -->recorded as reduction of the proceeds raised from issuance of common stock<!--EndFragment -->.</font></font></font></font></font></font></font></font></font></font></p>
</div>
</div>
</div>
</div>
</div>
</div><p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br></p>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="border-left: none; border-right: none;">
<div>
<p style="margin: 0px; text-indent: 0px;"><font><font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">7.&nbsp; <font style="font-size: 10pt;">&nbsp;&nbsp;</font></font>Capitalized software, net&nbsp; &nbsp;</font></font></font></p>
<div>
<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; margin-top: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Capitalized software, net is comprised of software licenses; the position and changes for the <font style="border-left: none; border-right: none;"><font>twelve</font> month period ended <font>December 31, 2022</font>, and</font> <font>2021</font>, are as follows:&nbsp;&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<div style="border-right: none; border-left: none;">
<div>
<table style="height: 98px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; width: 60.9492%;">
<p style="font-size: 11pt; line-height: 108%; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &#8203; Capitalized software </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; width: 1.01695%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &#8203; </font></p>
</td>
<td style="padding: 0px; text-align: center; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 11%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="2" valign="bottom"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Cost</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.11111%;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.01695%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 11%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="2" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Amortization <sup>(i)</sup></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.443%;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.881356%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 11.1356%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="2" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Total </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; width: 1.01695%;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 60.9492%; font-weight: bold; background-color: #cceeff; height: 17px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">At <font>December 31, 2019</font></font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; width: 1.01695%; font-weight: bold; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1%; font-weight: bold; border-bottom-width: 1px; background-color: #cceeff; height: 17px;">$<br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; width: 10%; font-weight: bold; border-bottom-width: 1px; background-color: #cceeff; height: 17px;"><font>26,699</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.11111%; font-weight: bold; border-bottom-width: 1px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.01695%; font-weight: bold; border-bottom-width: 1px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1%; font-weight: bold; border-bottom-width: 1px; background-color: #cceeff; height: 17px;">$<br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; width: 10%; font-weight: bold; border-bottom-width: 1px; background-color: #cceeff; height: 17px;"><font style="border-left: none; border-right: none;">(<font>10,694</font></font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.443%; font-weight: bold; border-bottom-width: 1px; background-color: #cceeff; height: 17px;">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.881356%; font-weight: bold; border-bottom-width: 1px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.13559%; font-weight: bold; border-bottom-width: 1px; background-color: #cceeff; height: 17px;">$<br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; width: 10%; font-weight: bold; border-bottom-width: 1px; background-color: #cceeff; height: 17px;"><font>16,005</font><br></td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.01695%; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; border-bottom-width: 1px; width: 60.9492%; font-weight: bold; height: 17px; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; ;font-weight: normal;">Additions </font><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; width: 1.01695%; font-weight: bold; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1%; font-weight: bold; border-bottom: 1pt solid #000000; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; width: 10%; ; border-bottom: 1pt solid #000000; height: 17px;"><font>16,494</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.11111%; font-weight: bold; border-bottom-width: 1px; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.01695%; font-weight: bold; border-bottom-width: 1px; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1%; font-weight: bold; border-bottom: 1pt solid #000000; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; width: 10%; ; border-bottom: 1pt solid #000000; height: 17px;"><font style="border-left: none; border-right: none;">(<font>9,056</font></font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.443%; ; border-bottom-width: 1px; height: 17px;">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.881356%; font-weight: bold; border-bottom-width: 1px; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.13559%; font-weight: bold; border-bottom: 1pt solid #000000; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; width: 10%; ; border-bottom: 1pt solid #000000; height: 17px;"><font style="border-left: none; border-right: none;"><font>7,438</font></font><br></td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.01695%; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 60.9492%; font-weight: bold; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">At <font>December 31, 2020</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; width: 1.01695%; font-weight: bold; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 1%; font-weight: bold; border-bottom-width: 1px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; width: 10%; font-weight: bold; border-bottom-width: 1px; background-color: #cceeff;"><font style="border-left: none; border-right: none; font-family: 'times new roman', times; font-size: 10pt;"><font>43,193</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 1.11111%; font-weight: bold; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 1.01695%; font-weight: bold; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 1%; font-weight: bold; border-bottom-width: 1px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; width: 10%; font-weight: bold; border-bottom-width: 1px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(<font>19,750</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 1.443%; font-weight: bold; border-bottom-width: 1px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 0.881356%; font-weight: bold; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 1.13559%; font-weight: bold; border-bottom-width: 1px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; width: 10%; font-weight: bold; border-bottom-width: 1px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>23,443</font></font></td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; width: 1.01695%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 60.9492%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; &nbsp; Additions </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; width: 1.01695%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 1%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; width: 10%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>784,241</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 1.11111%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 1.01695%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 1%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; width: 10%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(<font>107,931</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 1.443%;">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.881356%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 1.13559%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; width: 10%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>676,310</font></font></td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; width: 1.01695%;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 60.9492%; background-color: #cceeff;"><font style="font-size: 10pt;"><font style="font-weight: bold;">At <font>December 31, 2021</font></font></font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; width: 1.01695%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 1%; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; width: 10%; border-bottom-width: 1px; background-color: #cceeff;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>827,434</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; width: 1.11111%; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; width: 1.01695%; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; width: 1%; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; width: 10%; border-bottom-width: 1px; background-color: #cceeff;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="font-weight: bold;">(</font><font>127,681</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: left; width: 1.443%; border-bottom-width: 1px; background-color: #cceeff;"><font style="font-weight: bold; font-size: 10pt;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; width: 0.881356%; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; width: 1.13559%; border-bottom-width: 1px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; width: 10%; border-bottom-width: 1px; background-color: #cceeff;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>699,753</font></font></td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; width: 1.01695%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 60.9492%;">
<p style="line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp; &nbsp; Legal entity separation-related adjustments</font><font style="font-family: 'Times New Roman';">&nbsp;<sup>(ii)</sup></font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1.01695%;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 10%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(<font>827,434</font></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.11111%; border-bottom-width: 1px;" valign="bottom">)</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.01695%; border-bottom-width: 1px;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 10%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>127,681</font> </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.443%; border-bottom-width: 1px;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.881356%; border-bottom-width: 1px;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.13559%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 10%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(<font>699,753</font></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.01695%;" valign="bottom">)</td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; width: 60.9492%; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> At&nbsp;&nbsp;<font style="border-left: none; border-right: none;"><font>December 31, 2022</font>&nbsp;</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; width: 1.01695%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 10%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>-</font></font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.11111%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.01695%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 10%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>-</font></font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.443%; background-color: #cceeff;" valign="bottom"></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.881356%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.13559%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 10%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>-</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 14px; margin: 0px; text-indent: 0px; width: 1.01695%; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
</div>
<p style="font-size: 9pt; line-height: 108%; margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; margin-left: 0.1px; height: 37px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 18px;">
<td style="width: 2.45098%; vertical-align: top; height: 18px;" valign="top"><font style="font-size: 9pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">(</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">i</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">)</font></font></td>
<td style="width: 97.549%; vertical-align: top; height: 18px;" valign="top">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 2pt 0pt; text-align: justify;"><font style="border-right: none; border-left: none;"><font style="font-size: 10pt;"> The amortization effect is recorded in &#8220;General and administrative&#8221; in the audited combined consolidated statements of income. </font></font></p>
</td>
</tr>
<tr style="height: 19px;">
<td style="width: 2.45098%; vertical-align: top; height: 19px;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-size: 9pt;">(ii)</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 12.84px;" lang="EN-US"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;</font></font></font></td>
<td style="width: 97.549%; vertical-align: top; height: 19px;" valign="top">
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 2pt 0pt; text-align: justify;"><font style="border-right: none; border-left: none;"><font style="font-size: 10pt; line-height: inherit;"> As a result of the change in the carve-out methodology from management approach to legal entity approach, the capitalized software balance presented on December 31, 2021, is no longer presented in this audited combined consolidated financial statement. The costs associated with software licenses used by the UAM Business will be charged by ERJ to Eve as part of the MSA and SSA. Refer to Note <font>2</font> for further information on the change in the carve-out methodology. </font></font></p>
</td>
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</table>
</div>
</div>
<p style="font-size: 9pt; line-height: 108%; margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 20pt; font-family: 'Times New Roman';"><font style="font-size: 10pt;"><font style="line-height: inherit; font-family: 'Times New Roman', serif; color: #000000;" lang="EN-US"><font style="font-family: 'times new roman', times; line-height: inherit;">Effective fiscal year <font>2022</font>, the amortization of the intangible assets that are used by the ERJ<font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;" lang="EN-US"><font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000;" lang="EN-US">&#8217;</font></font></font>s teams to support Eve is being charged through the MSA and SSA.&nbsp;</font></font></font></p>
</div>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font class="pageno" style="font-size: 10pt;">F-<font>20</font></font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
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<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div>
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<div>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-align: left;"><font style="font-family: 'times new roman', times; line-height: inherit;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10pt; line-height: inherit;" lang="EN-US"><font style="line-height: inherit;">8.<font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: inherit;">&nbsp; &nbsp; &nbsp;</font></font></font></b><font style="font-size: 10pt;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: inherit;" lang="EN-US">Warrant liabilities </font></b></font></font></p>
<p style="margin: 0pt; text-align: justify; font-size: 7pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="text-indent: 22.5pt;margin: 0cm 0cm 8pt;line-height: 1.2;font-size: 10pt;font-family: 'times new roman', times;text-align: justify;"><font lang="EN-US">Before the Closing, Zanite had issued <font>11,500,000</font> redeemable warrants included in the units sold in the initial public offering (the "Public Warrants") and <font>14,250,000</font> redeemable warrants in private placements (the "Private Placement Warrants").</font></p>
<p style="text-indent: 22.5pt; margin: 0cm 0cm 8pt; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-align: justify;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times; color: #000000;" lang="EN-US">The exercise period of the Public and Private Placement Warrants started <font style="border-left: none; border-right: none; line-height: inherit;"><font><font>30</font></font></font> days after the Closing (i.e., June 8, 2022) and will terminate on the earlier to occur of: (x) at <font><font>5</font></font>:<font><font>00</font></font> p.m., New York City time on the date that is <font>five years</font>&nbsp;after the Closing date, (y) the liquidation of the Company, or (z) the date fixed by the Company to redeem all of the warrants.&nbsp; &nbsp;</font></p>
<p style="text-indent: 22.5pt; margin: 0cm 0cm 8pt; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-align: justify;"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"><font lang="EN-US">Each Private Placement Warrant entitles its holder to purchase <font style="border-left: none; border-right: none; line-height: inherit;"><font style="border-left: none; border-right: none; line-height: inherit;"><font style="border-left: none; border-right: none;">one</font></font></font> share of common stock at an exercise price of $<font>11.50</font>&nbsp;per share, to be exercised only for a whole number of shares of our common stock. The Private Placement Warrants became exercisable <font><font>30</font></font> days after the Closing (i.e., <font>June 8, 2022</font>), provided that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the Private Placement Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Private Placement Warrants on a cashless basis under the circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder.</font></font></p>
<p style="text-indent: 22.5pt; margin: 0cm 0cm 8pt; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-align: justify;"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"><font lang="EN-US">The Private Placement Warrants have similar terms as the Public Warrants, except for the fact that the Public Warrants are redeemable by the Company for cash at a price of $<font><font>0.01</font></font>&nbsp;per Public Warrant if the closing price of the common stock equals or exceeds $<font><font>18.00</font></font>&nbsp;per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any <font>20</font> trading days within a <font>30</font> trading days period ending <font style="border-left: none; border-right: none;">three</font> business days before we send to the notice of redemption to the warrant holders. The Public Warrants may be exercised at any time after notice of redemption is given by the Company and prior to the Redemption Date. The Private Placement Warrants are not subject to the $<font><font>0.01</font></font> cash redemption feature, but will be when the Private Placement Warrants are transferred to a third party not affiliated with the Sponsor (referred to as a non-permitted transferee) and become Public Warrants. When this occurs, the calculation of the settlement amount of the Private Placement Warrants changes.&nbsp;</font></font></p>
<p style="text-indent: 22.5pt; margin: 0cm 0cm 8pt; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-align: justify;"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"><font style="line-height: inherit;" lang="EN-US">Since the settlement amount depends solely on who holds the instrument, and this is not an input to the fair value of a fixed-for-fixed option or forward on equity shares, this provision causes the Private Placement Warrants to fail the indexation guidance of ASC <font><font>815</font></font>-<font><font>40</font></font>. Thus, the Private Placement Warrants are liability classified.</font></font></p>
<p style="text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-align: justify; margin: 0pt;"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"><font style="line-height: inherit;" lang="EN-US">&nbsp;Refer to the Note <font><font>15</font> </font></font></font><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;">for more details regarding the measurement of all warrants.</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;&nbsp;</font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">9.<font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&nbsp; &nbsp;<font style="line-height: inherit;">&nbsp;</font></font>Other<font style="line-height: inherit;"> Payables</font></font></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br></p>
<div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 20pt; font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Other Payables </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are comprise<font style="line-height: inherit;">d of <font style="line-height: inherit;"><font style="line-height: inherit;">the<font style="line-height: inherit;"><font style="line-height: inherit;"> follo<font style="line-height: inherit;">wing items</font></font></font></font></font></font></font><font style="line-height: inherit;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">:&nbsp; &nbsp;</font></font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></font></font></font></font></font></p>
<div style="border-left: none; border-right: none;">
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<table style="height: 169px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 17px;">
<td style="padding: 0.25pt 0.25pt 0.9pt; vertical-align: bottom; height: 17px; width: 72.9167%;"><br></td>
<td style="padding: 0.25pt 0px 0.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.980392%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: center; height: 17px; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 55.8938%;" colspan="7"><font style="font-weight: bold; line-height: inherit;"><font style="border-left: medium none; border-right: medium none; line-height: inherit;">Year Ended December 31,</font></font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 0.980392%;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0.25pt 0.25pt 0.9pt; vertical-align: bottom; height: 10px; width: 72.9167%;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#8203; </font></p>
</td>
<td style="padding: 0.25pt 0px 0.4pt; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.980392%;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 10.9681%;" colspan="2" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <font>2022</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; width: 0.980392%;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 2.02206%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#8203; </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1px solid #000000; width: 0.980392%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#8203; </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 40.9429%;" colspan="2" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <font>2021</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 0.980392%;"><br></td>
</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 19px; vertical-align: bottom; width: 72.9167%; background-color: #cceeff;" valign="bottom"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Provision for profit sharin<font style="line-height: inherit;">g program&nbsp;</font></font><font style="line-height: inherit;"><sup style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">(i)</sup></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 19px; vertical-align: bottom; width: 0.980392%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 19px; vertical-align: bottom; border-bottom-width: 1px; width: 0.980392%; background-color: #cceeff;" valign="bottom">$</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 19px; vertical-align: bottom; border-bottom-width: 1px; width: 9.98775%; background-color: #cceeff;" valign="bottom"><font>2,508,143</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 19px; vertical-align: bottom; border-bottom-width: 1px; width: 0.980392%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 19px; vertical-align: bottom; border-bottom-width: 1px; width: 2.02206%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: left; height: 19px; vertical-align: bottom; border-bottom-width: 1px; width: 0.980392%; background-color: #cceeff;" valign="bottom">$<br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 19px; vertical-align: bottom; border-bottom-width: 1px; width: 40.9429%; background-color: #cceeff;" colspan="2" valign="bottom"><font>59,855</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 19px; width: 0.980392%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 72.9167%;">Accrued expenses <sup style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">(ii)</sup></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 0.980392%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.980392%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 9.98775%;"><font>2,491,847</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.980392%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 2.02206%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 0.980392%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; vertical-align: bottom; border-bottom-width: 1px; height: 10px; width: 40.9429%;" colspan="2"><font>-</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 10px; width: 0.980392%;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 72.9167%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Advances from customers <sup>(iii)</sup></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.980392%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.980392%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 9.98775%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font>800,000</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; width: 0.980392%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 2.02206%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.980392%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 40.9429%; background-color: #cceeff;" colspan="2" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font>405,000</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 0.980392%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 72.9167%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="line-height: inherit;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Accruals related to payroll&nbsp;<sup>(iv)</sup></font></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.980392%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.980392%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 9.98775%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font>763,031</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; width: 0.980392%;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 2.02206%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.980392%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 40.9429%;" colspan="2" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font>455,392</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 0.980392%;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 72.9167%; background-color: #cceeff;" valign="bottom"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Social charges payable&nbsp;<sup>(v)</sup></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 0.980392%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; width: 0.980392%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 10px; vertical-align: bottom; border-bottom-width: 1px; width: 9.98775%; background-color: #cceeff;" valign="bottom"><font>626,627</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 10px; vertical-align: bottom; border-bottom-width: 1px; width: 0.980392%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 10px; vertical-align: bottom; border-bottom-width: 1px; width: 2.02206%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 10px; vertical-align: bottom; border-bottom-width: 1px; width: 0.980392%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 10px; vertical-align: bottom; border-bottom-width: 1px; width: 40.9429%; background-color: #cceeff;" colspan="2" valign="bottom"><font>163,384</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 0.980392%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 72.9167%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Other payable<br></font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.980392%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.980392%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 9.98775%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font>300,738</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom; border-bottom-width: 1px; width: 0.980392%;" valign="bottom"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 2.02206%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 0.980392%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 40.9429%;" colspan="2" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font>52,405</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; width: 0.980392%;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 72.9167%; background-color: #cceeff;" valign="bottom"><font style="font-size: 10pt; line-height: inherit; font-family: 'Times New Roman', serif; color: black;" lang="EN-US">Long-term incentive<font style="font-size: 9pt; font-family: 'times new roman', times; line-height: inherit;"><sup> (vi)</sup></font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 0.980392%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; width: 0.980392%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 10px; vertical-align: bottom; border-bottom-width: 1px; width: 9.98775%; background-color: #cceeff;" valign="bottom"><font>177,859</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 10px; vertical-align: bottom; border-bottom-width: 1px; width: 0.980392%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 10px; vertical-align: bottom; border-bottom-width: 1px; width: 2.02206%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 10px; vertical-align: bottom; border-bottom-width: 1px; width: 0.980392%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 10px; vertical-align: bottom; border-bottom-width: 1px; width: 40.9429%; background-color: #cceeff;" colspan="2" valign="bottom"><font>183,041</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 10px; width: 0.980392%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; font-weight: bold; vertical-align: bottom; width: 72.9167%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; font-weight: bold; vertical-align: bottom; width: 0.980392%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; font-weight: bold; vertical-align: bottom; width: 0.980392%; border-bottom: 2.25pt double #000000 !important; border-top: 0.75pt solid #000000 !important;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; font-weight: bold; vertical-align: bottom; width: 9.98775%; border-bottom: 2.25pt double #000000 !important; border-top: 0.75pt solid #000000 !important;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <font>7,668,245</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 14px; font-weight: bold; vertical-align: bottom; width: 0.980392%;" valign="bottom"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; font-weight: bold; vertical-align: bottom; width: 2.02206%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; font-weight: bold; vertical-align: bottom; width: 0.980392%; border-bottom: 2.25pt double #000000 !important; border-top: 0.75pt solid #000000 !important;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; font-weight: bold; vertical-align: bottom; width: 40.9429%; border-bottom: 2.25pt double #000000 !important; border-top: 0.75pt solid #000000 !important;" colspan="2" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <font>1,319,077</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; width: 0.980392%;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 72.9167%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Current portion </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.980392%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.980392%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.98775%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font>6,648,171</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom; width: 0.980392%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 2.02206%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.980392%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 40.9429%; background-color: #cceeff;" colspan="2" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font>616,156</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; width: 0.980392%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 72.9167%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Non-current portion </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.980392%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.980392%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.98775%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font>1,020,074</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom; width: 0.980392%;" valign="bottom"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 2.02206%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.980392%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 40.9429%;" colspan="2" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font>702,921</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; width: 0.980392%;"><br></td>
</tr>

</table>
</div>
</div>
<p style="text-indent: -36pt; margin: 0cm 0cm 8pt 36pt; line-height: 1; font-size: 10pt; font-family: Calibri, sans-serif; ;margin: 0px !important;"><br></p>
<p style="text-align: justify; text-indent: -36pt; margin: 0cm 0cm 0.0001pt 36pt; line-height: 107%; font-size: 10pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="line-height: inherit; color: #000000;" lang="EN-US"><font style="line-height: inherit;">(i)<font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp;<font style="line-height: inherit; border-right: none; border-left: none;"><font style="line-height: inherit;" lang="EN-US"><font style="border-right: none; border-left: none; line-height: inherit;">Refers to accruals payable to the employees under the profit sharing programs.</font></font> </font></font></font></font></font></p>
<p style="text-align: justify; text-indent: -36pt; margin: 0cm 0cm 0.0001pt 36pt; line-height: 107%; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="line-height: inherit; color: #000000;" lang="EN-US"><font style="line-height: inherit;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;" lang="EN-US"><font style="border-right: none; border-left: none; line-height: inherit;">(ii)&nbsp; <font style="border-right: none; border-left: none;"><font style="line-height: inherit; border-right: medium none; border-left: medium none;">Accruals for services received from third parties whose invoices were not received.</font></font></font></font></font></font></font></font></font><font style="font-size: 11pt; line-height: inherit; font-family: Calibri, sans-serif; text-align: justify; text-indent: -36pt; margin: 0cm 0cm 0.0001pt 36pt;" lang="EN-US"></font></p>
<p style="text-align: justify; text-indent: -36pt; margin: 0cm 0cm 0.0001pt 36pt; line-height: 107%; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="line-height: inherit; color: #000000;" lang="EN-US"><font style="line-height: inherit;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;" lang="EN-US"><font style="border-right: none; border-left: none; line-height: inherit;">(iii) <font style="line-height: inherit; border-right: none; border-left: none;"><font style="color: #000000; line-height: inherit;" lang="EN-US">Refers to advances from customers which have signed a letter of intent to purchase eVTOLs.</font></font><br></font></font></font></font></font></font></font></p>
<p style="text-align: justify; text-indent: -36pt; margin: 0cm 0cm 0.0001pt 36pt; line-height: 107%; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="line-height: inherit; color: #000000;" lang="EN-US"><font style="line-height: inherit;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">(iv) <font style="line-height: inherit; border-right: none; border-left: none;"><font style="color: #000000; line-height: inherit;" lang="EN-US"><font style="border-right: none; border-left: none; line-height: inherit;">Refers to accruals related to personnel obligations recorded in the financial statements, including mainly vacation expenses and other minor expenses.</font></font> </font></font></font></font></font></p>
<p style="text-align: justify; text-indent: -36pt; margin: 0cm 0cm 0.0001pt 36pt; line-height: 107%; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="line-height: inherit; color: #000000;" lang="EN-US"><font style="line-height: inherit;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">(v)&nbsp; <font style="line-height: inherit; border-right: none; border-left: none;"><font style="line-height: inherit;" lang="EN-US"><font style="border-right: none; border-left: none; line-height: inherit;">Refers to social charges and taxes applicable in relation to personnel compensation.</font></font></font> <br></font></font></font></font></p>
<p style="text-align: justify; text-indent: 0px; margin: 0px; line-height: 107%; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="line-height: inherit; color: #000000;" lang="EN-US"><font style="line-height: inherit;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">(vi)&nbsp;<font style="line-height: inherit; border-right: none; border-left: none;"><font style="line-height: inherit;" lang="EN-US"><font style="border-right: none; border-left: none; line-height: inherit; margin-left: 0px;">These represent the ERJ<font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000;" lang="EN-US">&#8217;</font>s LTIP obligations. The balance presented as of December 31, 2021, was carved-out from ERJ and the balance as of December 31, 2022, relates to the LTIP obligation assumed by Eve towards certain grantees transferred from ERJ to Eve during the period.</font></font></font></font></font></font></font><br></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10.&nbsp; &nbsp; Stockholders&#8217; equity</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman', serif; text-indent: 22.5pt; text-align: justify;"><font><font style="font-size: 10pt; line-height: inherit;">The</font> Company&#8217;s common stock and warrants trade on the NYSE under the symbol &#8220;EVEX&#8221; and &#8220;EVEXW&#8221;, respectively. Pursuant to the terms of the Amended and Restated Certificate of Incorporation, the Company is authorized to issue the following shares and classes of capital stock, each with a par value of $<font>0.001</font> per share: (i) <font>1,000,000,000</font> shares of common stock; and (ii) <font>100,000,000</font> shares of preferred stock. There were <font><font>269,094,021</font></font> and <font><font>220,000,000</font></font> shares of common stock issued and outstanding as of <font>December 31, 2022</font> and <font>2021</font>, respectively. The Company has retroactively adjusted the shares issued and outstanding prior to May 9, 2022, to give effect to the exchange ratio.</font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-indent: 22.5pt; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: inherit;">Preferred stock may be issued at the discretion of the Company's Board of Directors, as may be permitted by the General Corporation Law of the State of Delaware, and without further stockholder action. The shares of preferred stock would be issuable for any proper corporate purpose, including, among other things, future acquisitions, capital raising transactions consisting of equity or convertible debt, stock dividends or issuances under current and any future stock incentive plans, pursuant to which the Company may provide equity incentives to employees, officers and directors, and in certain instances may be used as an antitakeover defense. As of <font style="border-left: medium none; border-right: medium none;">December 31, 2022,</font> and <font>December 31, 2021</font>, there was <font>no</font> preferred stock issued and outstanding.</font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Holders of common stock are entitled to <font>one vote per share</font> on all matters to be voted upon by the stockholders.</font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-align: justify; text-indent: 20pt;"><br></p>
<p style="margin: 0in; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-align: justify; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Holders of common stock are entitled to receive such dividends, if any, as may be declared from time to time by the Company&#8217;s board of directors in its discretion out of funds legally available therefor. <font>No</font> dividends on common stock have been declared by the Company&#8217;s board of directors through <font style="border-left: medium none; border-right: medium none; line-height: inherit;">December 31, 2022</font>, and the Company does not expect to pay dividends in the foreseeable future.&nbsp;&nbsp;</font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-align: justify; text-indent: 20pt;"><br></p>
<p style="margin: 0in; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-align: justify; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">In the event of our voluntary or involuntary liquidation, dissolution, distribution of assets or winding-up, subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of the Company&#8217;s common stock will be entitled to receive an equal amount per share of all of our assets of whatever kind available for distribution to stockholders, after the rights of the holders of any preferred stock have been satisfied.&nbsp;</font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-align: justify; text-indent: 20pt;"><br></p>
<p style="text-align: justify; margin: 0in; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; font-style: italic; line-height: inherit;"><i><font style="line-height: inherit;" lang="EN-US">United Subscription</font></i></font></p>
<p style="text-align: justify; margin: 0in; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><br></p>
<p style="margin: 0cm; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: justify; text-indent: 22.5pt;"><font lang="EN-US">In <font style="border-right: none; border-left: none; line-height: inherit;">September 2022</font>, the Company and United Airlines Ventures, Ltd. ("United"), entered the United Subscription Agreement pursuant to which United agreed to subscribe for an aggregate of <font><font>2,039,353</font></font> shares of common stock for a purchase price of $<font>7.36</font> per share and an aggregate purchase price of $<font><font>15,000,000</font></font>. The United Investment was consummated on September 6, 2022.</font></p>
<p style="margin: 0cm; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: justify; text-indent: 22.5pt;"><br></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 1.2; margin: 0cm; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; color: #000000; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US">The terms of the United Subscription Agreement are substantially similar to other Subscription Agreements signed by Eve.&nbsp;</font></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 1.2; margin: 0cm; font-family: 'Times New Roman', serif;"><br></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 1.2; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><font lang="EN-US">Concurrently with the execution of the United Subscription Agreement, the Company and United also entered into the United Warrant Agreement, pursuant to which, at or promptly following the closing of the United Investment, the Company issued to United warrants to acquire up to <font><font>2,722,536</font></font> shares of Common Stock, each with an exercise price of $<font><font>0.01</font></font> per share, which were issuable upon (i) the issuance by the parties of a joint press release announcing the United Investment, (ii) the entry by the Company and an affiliate of United into a conditional purchase agreement for the sale and purchase of up to <font>400</font> eVTOLs and (iii) the agreement by the Company and United to establish a concept of operations for the use of the Company&#8217;s eVTOLs at <font>one</font> or more of United&#8217;s or its affiliates&#8217; hub airports. <font style="line-height: inherit;"><font lang="EN-US">All&nbsp; <font>2,722,536</font> warrants were exercised by United on October 6, 2022. </font></font>In addition, pursuant to the terms of the United Warrant Agreement, the Company has agreed to issue United additional warrants to acquire up to an additional <font><font>2,722,536</font></font> shares of Common Stock, each with an exercise price of $<font><font>0.01</font></font> per share, which are issuable upon the entry into (i) a binding agreement between United (or <font>one</font> of its affiliates) and the Company for the sale and purchase of up to <font>200</font>&nbsp;eVTOLs and (ii) certain eVTOL services and support agreements.</font></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 1.2; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><br></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 1.2; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><font lang="EN-US">Still in September 2022, United entered into a lock-up agreement with the Company, pursuant to which United will be restricted from transferring the new warrants issued to it at or promptly following the closing of the United Investment, as well as the shares of common stock issuable upon the exercise of such new warrants, until the date that is: (i) with respect to <font>one</font> of the <font>two</font> new warrants to acquire <font>680,634</font> shares of common stock, <font>six</font> months after the closing of the United Investment; (ii) with respect to the new warrant to acquire <font>1,361,268</font> shares of common stock, <font>nine</font> months after the closing of the United Investment; and (iii) with respect to the second new warrant to acquire <font>680,634</font> shares of common stock, <font>twelve</font> months after the closing of the United Investment.</font></p>
<p style="margin: 0px; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-indent: 0px;"><br></p>
<p style="margin: 0in; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">The Company had reserved common stock for future issuance as follows:&nbsp;</font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">&nbsp;</font></p>
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<td class="ng-scope" style="height: 13px; background-color: #cceeff; width: 80%;"><font>2022</font><font style="font-family: 'times new roman', times;"> Stock Incentive Plan<font style="line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-size: 9pt; line-height: inherit;"> <sup><font style="color: black; line-height: inherit;" lang="EN-US">(i)</font></sup></font> </font></font></font></td>
<td style="height: 13px; text-align: right; background-color: #cceeff; width: 20%;"><font>8,730,000</font><br></td>
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<td style="height: 17px;"><font style="font-family: 'times new roman', times;">Shares underlying Private Placement Warrants</font></td>
<td style="height: 17px; text-align: right;"><font>14,250,000</font><br></td>
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<td style="height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Shares underlying Public Warrants</font></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;"><font>11,500,000</font><br></td>
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<td style="height: 10px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Shares underlyin<font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">g N<font style="line-height: inherit;">ew</font></font> Warrants</font></td>
<td style="height: 10px; text-align: right;"><font>37,572,536</font><br></td>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<td style="text-align: center; width: 3.8401%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(i)</font></td>
<td style="width: 96.1599%;"><font style="line-height: inherit; font-family: 'times new roman', times; border-right: none; border-left: none;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font>For more details about the <font><font>2022</font></font> Stock Incentive Plan refer to Note <font>2</font>.</font></font></font></td>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font>F-<font>22</font></font></td>
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<p style="margin: 0px; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-indent: 0px;"><i><font style="font-size: 10pt; font-family: 'Times New Roman', serif; line-height: inherit;">Public Warrants&nbsp;</font></i></p>
<p style="margin: 0px; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'Times New Roman', serif; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt;line-height: 1.2;font-size: 10pt;font-family: 'times new roman', times;text-indent: 22.5pt;text-align: justify;"><font>Each Public Warrant entitles its holder to purchase <font>one</font> share of common stock at an exercise price of $<font>11.50</font> per share, to be exercised only for a whole number of shares of our common stock. The Public Warrants became exercisable <font>30</font> days after the Closing <font style="font-size: 10pt; font-family: 'Times New Roman', serif; line-height: inherit;" lang="EN-US">(<i>i.e.</i>, on <font>June 8, 2022</font>)</font>, provided that we have an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. The Public Warrants expire <font>five years</font> after the Closing or earlier upon redemption or liquidation. Once the Public Warrants become exercisable, we may redeem the outstanding Public Warrants at a price of $<font><font>0.01</font></font> per warrant, if the last sale price of our common stock equals or exceeds $<font>18.00</font> per share for any <font>20</font> trading days within a <font>30</font> trading days period ending on the third business day before the Company sends the notice of redemption to the warrant holders.&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-indent: 22.5pt; text-align: justify;"><br></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman', serif; margin: 0pt;"><font style="font-size: 10pt; color: #000000; line-height: inherit;" lang="EN-US">Upon the Closing, all shares of Zanite Class A and Class B common stock were converted into, on a&nbsp;<font><font>one</font>-for-<font>one</font></font>&nbsp;basis, shares of common stock of Eve. As such, in a hypothetical change-in-control scenario, all holders of the stocks would receive cash. Additionally, the Public Warrants are indexed to the Company<font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;" lang="EN-US"><font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000;" lang="EN-US">&#8217;</font></font></font>s own stock. <font lang="EN-US">Thus, the amount of $<font>10,580,000</font> related to the Public Warrants were reclassified from liability to equity.&nbsp;</font> </font></p>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif;"><i><font style="font-size: 10pt; font-family: 'Times New Roman', serif; line-height: inherit;">New Warrants </font></i></p>
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif;"><i></i><br></p>
<p style="margin: 0pt; font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000; text-indent: 22.5pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font lang="EN-US">In addition to the Public Warrants and the Private Placement Warrants, the Company has also entered into warrant agreements with certain of the strategic private investment in public equity investors ("Strategic PIPE Investors"), including United, pursuant to which, and subject to the terms and conditions of each applicable warrant agreement, the Company has issued or has agreed to issue to the Strategic PIPE Investors warrants (the "New Warrants") to purchase an aggregate amount of (i) <font>24,095,072</font> shares of common stock with an exercise price of $<font><font>0.01</font></font> per share, (ii) <font>12,000,000</font> shares of common stock with an exercise price of $<font>15.00</font> per share and (iii) <font>5,000,000</font> shares of common stock with an exercise price of $<font>11.50</font> per share. </font></font><font lang="EN-US">New Warrants for <font><font><font>29,272,536</font></font></font> shares of common stock were issued during <font>2022</font> (of which, <font>3,552,536</font> New Warrants were exercised during <font>2022</font>) and New Warrants for <font><font><font>11,822,536</font></font></font> shares of common stock&nbsp;may be issued and vest subject to certain&nbsp;triggering events.</font></p>
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<p style="margin: 0cm 0cm 8pt; font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000; text-indent: 22.5pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font lang="EN-US"> For the New Warrants subject to certain triggering events, the issuance and vesting of such warrants occurs upon the achievement of certain UAM Business milestones (which milestones include, as applicable, (a) receipt of the first type certification for eVTOL in compliance with certain airworthiness authorities, (b) receipt of the first binding commitment from a third party to purchase eVTOL jointly developed by ERJ and a certain Strategic Investor for the defense and security technology market, (c) the eVTOL&#8217;s successful entry into service, (d) the completion of the initial term of a certain engineering services agreement to be entered into with a certain Strategic Investor (e) receipt of binding commitments from certain Strategic Investors for an aggregate of <font>500</font>&nbsp;eVTOL<font style="line-height: inherit;" lang="EN-US"><font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000;" lang="EN-US">&#8217;</font></font>s, (f) receipt of an initial deposit to purchase <font><font>200</font></font> eVTOL<font style="font-size: 10pt; color: #000000; line-height: inherit;" lang="EN-US"><font style="line-height: inherit;" lang="EN-US"><font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000;" lang="EN-US">&#8217;</font></font></font>s from a</font><font style="line-height: inherit;" lang="EN-US"> <font style="line-height: inherit;">&nbsp;</font></font></font><font style="color: windowtext;line-height: inherit;" lang="EN-US"><font>certain Strategic Investor, (g) the mutual agreement to continue to collaborate beyond December 31, 2022, with a certain Strategic Investor, (h) the time at which <font>ten</font> vertiports that have been developed or implemented with the services of a certain Strategic Investor have entered operation or are technically capable of entering operation and (i) signature of services and support agreements).&nbsp;</font></font></p>
<p style="margin: 0cm 0cm 8pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; line-height: inherit; color: #000000; margin: 0cm 0cm 8pt; text-align: justify; text-indent: 35.4pt;" lang="EN-US">The New Warrants issuable pursuant to the<font> <font style="line-height: inherit;">Strategic</font> Warrant Agreements can be categorized as Penny Warrants, which are warrants with an exercise price of $<font><font>0.01</font></font> per share, or Market Warrants, which are warrants with an exercise price of $<font>15.00</font> per share or $<font>11.50</font> per share. The Penny Warrants have been issued, or are issuable in accordance with the terms of the <font style="line-height: inherit;">Strategic</font> W</font>arrant Agreements, to certain Strategic PIPE Investors in connection with potential future commercial partnerships and the achievement of related commercial milestones. Of the existing Penny Warrants, certain of such warrants (a) were issued at Closing to such Strategic PIPE Investors in their capacities as potential future customers and suppliers, and became vested without any exercise contingencies; <font style="line-height: inherit;">&nbsp;</font>(b) were issued at Closing to such Strategic PIPE Investors in their capacities as future potential suppliers, but which do not vest and become exercisable until the achievement of certain contingencies; and (c) are issuable to such Strategic PIPE Investors in their capacities as potential future customers and suppliers upon the satisfaction of certain specified conditions. The Market Warrants were issued at the Closing and vested immediately. There are no contingencies involved to exercise the Market Warrants.&nbsp;&nbsp;</font></p>
<p style="margin: 0cm 0cm 8pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2; vertical-align: baseline; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; line-height: inherit;" lang="EN-US">Because the&nbsp;<font style="font-size: 10pt; font-family: 'Times New Roman', serif; line-height: inherit;" lang="EN-US">cash received for the common shares and New Warrants is significantly different from their fair value</font>, Management considers such warrants to have been issued other than at fair market value. Accordingly, such warrants represent units of account separate from the shares of common stock that were issued to the Strategic PIPE Investors in connection with their respective PIPE Investments and therefore require separate accounting treatment.&nbsp;</font></p>
<p style="margin: 0cm 0cm 8pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2; vertical-align: baseline; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; line-height: inherit;" lang="EN-US">Terms related to the issuance and exercisability of the New Warrants differ among the Strategic PIPE Investors, and each New Warrant is independently exercisable such that the exercise of any individual warrant does not depend on the exercise of another. As such, Management has concluded that all New Warrants meet the criteria to be legally detachable and separately exercisable and therefore freestanding.<br></font></p>
<p style="margin: 0cm 0cm 8pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2; vertical-align: baseline; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; color: #000000; line-height: inherit;" lang="EN-US">The New Warrants were classified, measured and recognized as an expense, by the Company as follows:&nbsp;</font></p>
<p style="margin: 0cm 0cm 8pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2; vertical-align: baseline; font-size: 10pt; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; color: #000000; line-height: inherit;" lang="EN-US">(a) Potential lender/financier</font></i><font style="font-size: 10pt; color: #000000; margin: 0cm 0cm 8pt; text-align: justify; text-indent: 22.5pt; line-height: inherit;" lang="EN-US">: </font><font lang="EN-US">The New Warrants issued to potential lender/financier counterparties, which do not contain exercise contingencies, were determined to be within the scope of ASC <font>815</font> and equity-classified with the fair value at the issuance date recognized as New Warrants expense. As long as these warrants continue to be classified as equity, subsequent changes in fair value are not recognized.&nbsp;</font></p>
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<p style="margin: 0cm 0cm 8pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2; vertical-align: baseline; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><i><font style="font-size: 10pt; color: #000000; line-height: inherit;" lang="EN-US">(b) Potential customers</font></i><font lang="EN-US">: The New Warrants issued or issuable to potential customers of Eve were determined to be within the scope of ASC <font><font>718</font> for classification and measurement and ASC <font>606</font>, Revenue from Contracts with Customers, for recognition. Under ASC <font>718</font>, they were determined to be equity-classified</font>. These New Warrants can be separated into <font><font>two</font></font> categories: (i) contingently issuable warrants (the &#8220;Contingent Warrants&#8221;) and (ii) warrants that immediately vested upon Closing (&#8220;Vested Warrants&#8221;). The Contingent Warrants are measured at fair value on the grant date and will be recognized as variable consideration (a reduction of revenue) under ASC <font>606</font> when and if there are related revenue transactions or as New Warrants expense if there are not yet related revenue transactions.<font style="line-height: inherit;">&nbsp; </font>To date, there has been no recognition of expense related to the Contingent Warrants. The Vested Warrants were accounted for akin to a non-refundable up front payment to a potential customer and were recognized as New Warrants expense since Eve has no current revenue or binding contracts in place).</font></font></p>
<p style="margin: 0cm 0cm 8pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2; vertical-align: baseline; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><i><font style="font-size: 10pt; color: #000000; line-height: inherit;" lang="EN-US">(c) Potential suppliers</font></i><font style="font-size: 10pt; color: #000000; line-height: inherit;" lang="EN-US">: The New Warrants issued or issuable to potential suppliers of Eve, which are subject to the satisfaction of certain specified conditions, are accounted for as non-employee awards under ASC <font><font>718</font></font> and were determined to be equity-classified. The fair value of these warrants will be recognized as expense as products and/or services are received from the suppliers as if Eve paid cash for the respective transactions. </font></font></p>
<p style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><font lang="EN-US">The Company&#8217;s New Warrants were measured at fair value on the respective grant dates (May 9, 2022 and September 1, 2022). The New Warrants with an exercise price of $<font><font>0.01</font></font> have their fair values calculated taking Eve&#8217;s share price and subtracting $<font><font>0.01</font></font>. The New Warrants with an exercise price of $<font>11.50</font>&nbsp; is estimated using the publicly traded Public Warrants since the terms are similar (see Note <font><font>15</font></font>). The fair value of the New Warrants with an exercise price of $<font>15.00</font> is based on a valuation model utilizing management judgment and pricing inputs from observable and unobservable markets with less volume and transaction frequency than active markets. Significant deviations from these estimates and inputs could result in a material change in fair value. <font>The Company used a modified Black-Scholes model to value the New Warrants with an exercise price of $<font>15.00</font>.&nbsp;</font></font></p>
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<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; white-space: nowrap; text-align: center; height: 19px; padding: 0px; width: 11.4777%;"><font style="font-weight: bold; font-family: 'times new roman', times; line-height: inherit;">&nbsp;May 9<font style="font-size: 10pt; line-height: inherit;">,</font></font></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; text-align: right; white-space: nowrap; height: 19px; padding: 0px; width: 1.16838%;"><br></td>
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<tr style="height: 13px;">
<td style="height: 13px; color: #000000; font-size: 10pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; padding: 0px; width: 85.0172%;" height="20"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Market Warrants with exercise price of $<font style="border-left: none; border-right: none; line-height: inherit;"><font><font>15.00</font></font></font></font></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; text-align: right; height: 13px; white-space: nowrap; padding: 0px; width: 1.16838%;"><br></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; text-align: right; height: 13px; white-space: nowrap; padding: 0px; border-bottom: 1px solid #000000; width: 1.16838%;"><br></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; height: 13px; white-space: nowrap; text-align: center; padding: 0px; border-bottom: 1px solid #000000; width: 11.4777%;"><font><font>2022</font></font><br></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; text-align: right; height: 13px; white-space: nowrap; padding: 0px; width: 1.16838%;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="height: 15px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; padding: 0px; background-color: #cceeff; width: 85.0172%;" height="20"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Share Price (S<font><font>0</font></font>)<font style="line-height: inherit;">&nbsp;</font></font></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; text-align: right; height: 15px; white-space: nowrap; padding: 0px; background-color: #cceeff; width: 1.16838%;"><br></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; height: 15px; padding: 0px; white-space: nowrap; margin: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.16838%;" align="left"><font style="border-left: none; border-right: none; font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: inherit;">$</font></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; height: 15px; white-space: nowrap; margin: 0pt; vertical-align: bottom; padding: 0px; background-color: #cceeff; width: 11.4777%;" align="right"><font style="border-left: none; border-right: none; font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: inherit;"><font>11.32</font></font><br></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; text-align: right; height: 15px; white-space: nowrap; padding: 0px; background-color: #cceeff; width: 1.16838%;"><font style="border-left: none; border-right: none; font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: inherit;">&nbsp;</font></td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; padding: 0px; width: 85.0172%;" height="20"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Maturity Date<font style="line-height: inherit;">&nbsp;</font></font></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; text-align: right; height: 15px; white-space: nowrap; padding: 0px; width: 1.16838%;"><br></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; text-align: right; height: 15px; white-space: nowrap; padding: 0px; width: 1.16838%;"><font style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: inherit;">&nbsp;</font></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; text-align: right; height: 15px; white-space: nowrap; padding: 0px; width: 11.4777%;"><font style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: inherit;"><font>12/31/2025</font></font></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; text-align: right; height: 15px; white-space: nowrap; padding: 0px; width: 1.16838%;"><font style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: inherit;">&nbsp;</font></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="height: 15px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; padding: 0px; background-color: #cceeff; width: 85.0172%;" height="20"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Time (T) - Years<font style="line-height: inherit;">&nbsp;</font></font></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; text-align: right; height: 15px; white-space: nowrap; padding: 0px; background-color: #cceeff; width: 1.16838%;"><br></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; text-align: right; height: 15px; white-space: nowrap; padding: 0px; background-color: #cceeff; width: 1.16838%;"><font style="border-left: none; border-right: none; font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: inherit;">&nbsp;</font></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; height: 15px; white-space: nowrap; margin: 0pt; vertical-align: bottom; padding: 0px; background-color: #cceeff; width: 11.4777%;" align="right"><font style="border-left: none; border-right: none; font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: inherit;"><font>3.63</font></font><br></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; text-align: right; height: 15px; white-space: nowrap; padding: 0px; background-color: #cceeff; width: 1.16838%;"><font style="border-left: none; border-right: none; font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: inherit;">&nbsp;</font></td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; padding: 0px; width: 85.0172%;" height="20"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Strike Price (X)<font style="line-height: inherit;">&nbsp;</font></font></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; text-align: right; height: 15px; white-space: nowrap; padding: 0px; width: 1.16838%;"><br></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; height: 15px; white-space: nowrap; margin: 0px; text-indent: 0px; text-align: left; padding: 0px; width: 1.16838%;"><font style="border-left: none; border-right: none; font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: inherit;">$&nbsp;</font></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; height: 15px; white-space: nowrap; margin: 0pt; vertical-align: bottom; padding: 0px; width: 11.4777%;" align="right"><font style="border-left: none; border-right: none; font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: inherit;"><font>15.00</font></font><br></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; text-align: right; height: 15px; white-space: nowrap; padding: 0px; width: 1.16838%;"><font style="border-left: none; border-right: none; font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: inherit;">&nbsp;</font></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="height: 15px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; padding: 0px; background-color: #cceeff; width: 85.0172%;" height="20"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Risk-free Rate (r)<font style="line-height: inherit;">&nbsp;</font></font></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; text-align: right; height: 15px; white-space: nowrap; padding: 0px; background-color: #cceeff; width: 1.16838%;"><br></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; text-align: right; height: 15px; white-space: nowrap; padding: 0px; background-color: #cceeff; width: 1.16838%;"><font style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: inherit;">&nbsp;</font></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; height: 15px; white-space: nowrap; margin: 0pt; vertical-align: bottom; padding: 0px; background-color: #cceeff; width: 11.4777%;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: inherit;"><font>2.85</font></font><br></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; height: 15px; white-space: nowrap; padding: 0px; margin: 0pt; vertical-align: bottom; background-color: #cceeff; width: 1.16838%;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: inherit;">%</font></td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; padding: 0px; width: 85.0172%;" height="20"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Volatility (&#963;)</font></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; text-align: right; height: 15px; white-space: nowrap; padding: 0px; width: 1.16838%;"><br></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; text-align: right; height: 15px; white-space: nowrap; padding: 0px; width: 1.16838%;"><font style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: inherit;">&nbsp;</font></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; height: 15px; white-space: nowrap; margin: 0pt; vertical-align: bottom; padding: 0px; width: 11.4777%;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: inherit;"><font>7.93</font></font><br></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; height: 15px; white-space: nowrap; padding: 0px; margin: 0pt; vertical-align: bottom; width: 1.16838%;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: inherit;">%</font></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="height: 15px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; padding: 0px; background-color: #cceeff; width: 85.0172%;" height="20"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dividend Yield (q)<font style="line-height: inherit;">&nbsp;</font></font></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; text-align: right; height: 15px; white-space: nowrap; padding: 0px; background-color: #cceeff; width: 1.16838%;"><br></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; text-align: right; height: 15px; white-space: nowrap; padding: 0px; background-color: #cceeff; width: 1.16838%;"><font style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: inherit;">&nbsp;</font></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; height: 15px; white-space: nowrap; margin: 0pt; vertical-align: bottom; padding: 0px; background-color: #cceeff; width: 11.4777%;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: inherit;"><font>0.00</font></font><br></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; height: 15px; white-space: nowrap; padding: 0px; margin: 0pt; vertical-align: bottom; background-color: #cceeff; width: 1.16838%;" align="left"><font style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: inherit;">%</font></td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; color: #000000; font-size: 10pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: Calibri, sans-serif; vertical-align: bottom; padding: 0px; width: 85.0172%;" height="20"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Warrant Value</font></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; text-align: right; height: 15px; white-space: nowrap; padding: 0px; width: 1.16838%;"><br></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; height: 15px; padding: 0px; white-space: nowrap; margin: 0px; vertical-align: bottom; width: 1.16838%;" align="left"><font style="border-left: none; border-right: none; font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; font-weight: bold; line-height: inherit;">$</font></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; height: 15px; white-space: nowrap; margin: 0pt; vertical-align: bottom; padding: 0px; width: 11.4777%;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><font>0.11</font></font><br></td>
<td style="color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; font-family: Calibri, sans-serif; vertical-align: bottom; text-align: right; height: 15px; white-space: nowrap; padding: 0px; width: 1.16838%;"><font style="border-left: none; border-right: none; font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; font-weight: bold; line-height: inherit;">&nbsp;</font></td>
</tr>

</table>
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<p style="margin: 0px; font-size: 10pt; font-family: Calibri, sans-serif; text-indent: 0px; line-height: 1.2;"><br></p>
<p style="font-size: 10pt; font-family: Calibri, sans-serif; text-indent: 22.5pt; line-height: 1.2; text-align: justify; margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Forfeitures of New Warrants within the scope of ASC 718, granted to non-employees, are estimated by the Company and reviewed when circumstances&nbsp;change.</font></p>
</div>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;&nbsp;</font></p>
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</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="border-right: none; border-left: none;">
<div>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="border-left: none; border-right: none; line-height: inherit;">11</font>.<font style="font-size: 10pt;">&nbsp; &nbsp;<font style="line-height: inherit;">&nbsp;</font></font></font>Derivative Financial Instr<font style="line-height: inherit;"><font style="line-height: inherit;">uments</font> </font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 7pt; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As discussed in Note 2, Change in carve-out methodology section, derivative financial instrument previously carved-out was not contributed to Eve. Additionally, until December 31, 2022, Eve has not contracted any derivative financial instrument for hedge purposes.&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; line-height: inherit;" lang="EN-US"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; line-height: inherit;" lang="EN-US">During the second quarter of <font>2022</font>, Eve started consolidating Zanite&#8217;s assets and liabilities which includes derivative financial instruments related to the Private Placement<font style="line-height: inherit;"> W<font style="line-height: inherit;">arrants. </font></font></font><font style="font-size: 10.0pt; line-height: 107%; mso-ansi-language: EN-US;" lang="EN-US">As of December 31, 2022, the fair value of derivative financial instrument, which were exclusively Private Placement Warrants, was recognized as a liability in the amount of U.S.$<font>3,562,500</font>.<font style="mso-spacerun: yes;">&nbsp; </font><font style="mso-spacerun: yes;">&nbsp;</font>&nbsp;</font><font style="mso-ansi-language: EN-US;" lang="EN-US"></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">As of <font style="line-height: inherit;"><font>December 31, 2021</font></font>, Eve had the right, through the purchased put options, to sell U.S.$<font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font>1,745,687</font></font>, the total notional outstanding, with an exercise price of R$<font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font>5.2000</font></font> which was equivalent of R$<font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font>9,077,572</font></font>. Conversely, Eve had the obligation if exercised, through the sold call options, to sell U.S.$<font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font>1,745,687</font></font> at the weighted average exercise price of R$<font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font>6.1256</font></font> which was equivalent to R$<font style="border-left: medium none; border-right: medium none; line-height: inherit;"><font>10,693,380</font></font></font><font style="font-family: 'Times New Roman'; line-height: inherit;">. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Changes</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> in the fair value of </font><font style="font-family: 'Times New Roman'; line-height: inherit;"><font>zero</font>-cost collar </font><font style="font-family: 'Times New Roman'; line-height: inherit;">designated as hedging instruments that effectively offset the variability of cash flows associated with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">foreign exchange rate fluctuation</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> are reported in AOCI. These amounts subsequently were</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> reclassified into the line item in our audited </font><font style="font-family: 'Times New Roman'; line-height: inherit;">consolidated&nbsp;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">statement of income in which the hedged items were recorded in the sa</font><font style="font-family: 'Times New Roman'; line-height: inherit;">me period the hedged items affect </font><font style="font-family: 'Times New Roman'; line-height: inherit;">earnings</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="line-height: inherit; font-size: 10pt;"><font class="selected" style="font-family: 'Times New Roman'; line-height: inherit;"><font style="line-height: inherit;">As of December 31</font>, </font><font style="font-family: 'Times New Roman'; line-height: inherit;"><font>2021</font></font><font style="font-family: 'Times New Roman'; line-height: inherit;">, the fair value of derivative financial instruments was recognized as </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a</font> liability <font style="font-family: 'Times New Roman'; line-height: inherit;">in the amount of U.<font style="line-height: inherit;">S.$<font>32,226</font></font></font><font style="line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">. <br></font></font></font></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="line-height: inherit; font-size: 10pt;"><font style="line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">The effect of derivative instruments on the statements of income as shown per the table below:</font></font></font></p>
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<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Derivatives in cash flow hedging relationships </font></p>
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<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &nbsp; </font></p>
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<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Amount of gain (or loss) recognized in OCI on derivative (effective portion) </font></p>
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<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
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<td style="padding: 10px 0px 0px; height: 10px; margin: 0px; text-indent: 0px; width: 21.9877%; border-bottom: 0.75pt solid #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Location of gain (or loss) reclassified from AOCI into income (effective portion) </font></p>
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<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &nbsp; </font></p>
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<td style="padding: 10px 0px 0px; height: 10px; margin: 0px; text-indent: 0px; width: 21.9877%; border-bottom: 0.75pt solid #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Amount of gain (or loss) reclassified from AOCI into income (effective portion) </font></p>
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<td style="padding: 10px 0px 0px; margin: 0px; text-indent: 0px; width: 1.0211%; height: 10px; border-bottom: 0.75pt solid #000000 !important; vertical-align: bottom;" valign="bottom"><br></td>
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<td style="padding: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 26.9571%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="font-family: 'Times New Roman', serif; color: black; line-height: inherit;" lang="EN-US">For The Year Ended&nbsp;<font>December 31, 2022</font> </font></b></font></p>
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<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
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<td style="padding: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 21.9877%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
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<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
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<td style="padding: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 21.9877%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
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<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
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<td style="padding: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 21.9877%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
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<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; height: 10px; background-color: #cceeff;"><br></td>
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<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font>Zero</font>-cost collar </font></p>
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<td style="padding: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </font></p>
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<td style="padding: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 21.9877%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font>-</font></font></p>
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<td style="padding: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%;" valign="bottom">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
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<td style="padding: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 21.9877%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font style="border-left: none; border-right: none;">General and administrative</font> </font></p>
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<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </font></p>
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<td style="padding: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 21.9877%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font>-</font> </font></p>
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<td style="padding: 0px; height: 12px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 26.9571%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="font-family: 'Times New Roman', serif; color: black; line-height: inherit;" lang="EN-US">For The Year Ended <font>December 31, 2021</font> </font></b></font></p>
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<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; height: 12px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 12px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
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<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
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<td style="padding: 0px; height: 12px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
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<td style="padding: 0px; height: 12px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 21.9877%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
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<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; height: 12px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 12px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
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<td style="padding: 0px; height: 12px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 21.9877%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
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<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; height: 12px; background-color: #cceeff;"><br></td>
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<td style="padding: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 26.9571%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font>Zero</font>-cost collar </font></p>
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<td style="padding: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </font></p>
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<td style="padding: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 21.9877%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(<font>77,664</font>)</font></p>
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<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
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<td style="padding: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 21.9877%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font style="border-left: none; border-right: none;">General and administrative</font> </font></p>
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<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </font></p>
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<td style="padding: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 21.9877%;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <font>-</font></font></p>
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<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; height: 10px;"><br></td>
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<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 26.9571%; height: 16px; background-color: #cceeff;"><font style="font-size: 10pt;"><b><font style="font-family: 'Times New Roman', serif; color: black; line-height: inherit;" lang="EN-US">For The Year Ended <font>December 31, 2020</font></font></b></font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 21.9877%; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 21.9877%; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 21.9877%; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; height: 16px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 26.9571%; height: 16px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font>Zero</font>-cost collar</font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; height: 16px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; height: 16px;">$<br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 21.9877%; height: 16px; text-align: center;"><font>46,012</font><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; height: 16px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; height: 16px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 21.9877%; height: 16px; text-align: center;">&nbsp;<font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">General and administrative</font></font><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; height: 16px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; height: 16px;">$<br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 21.9877%; height: 16px; text-align: center;"><font>-</font><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.0211%; height: 16px;"><br></td>
</tr>

</table>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
</div>
</div><div style="font-size: 10pt;">
<div style="border-right: none; border-left: none;">
<div>
<p style="margin: 0px; font-size: 10pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="color: #000000; line-height: inherit;" lang="EN-US">12.&nbsp;&nbsp; </font></b><b><font style="line-height: inherit;" lang="EN-US"> <font style="line-height: inherit;" lang="EN-US">Research and Development</font> </font></b></font></p>
<p style="margin: 0px; font-size: 10pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><br></p>
<div style="border-right: none; border-left: none;">
<div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">R&amp;D expenses are comprised of t<font style="line-height: inherit;">he f<font><font class="selected" style="line-height: inherit;">ollowing</font> items:&nbsp;</font></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px; font-family: 'Times New Roman';"><br></p>
<div>
<table style="height: 109px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 10px;">
<td style="border-bottom: 1px solid #ffffff; padding: 0.25pt 0.25pt 0.9pt; vertical-align: bottom; height: 10px;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#8203; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: center; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="10"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="border-left: medium none; border-right: medium none; line-height: inherit;">Year Ended December 31,</font></font><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: center; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0.25pt 0.25pt 0.9pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#8203; </font></p>
</td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: center; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: center; height: 10px; border-bottom: 1px solid #000000;"><br></td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: center; height: 10px; border-bottom: 1px solid #000000;"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font>2022</font></font></font></td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: center; height: 10px; border-bottom-width: 1px;"><br></td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: center; height: 10px; border-bottom-width: 1px;"><br></td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="2"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font>2021</font></font></font></td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: center; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: center; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: center; border-bottom: 1pt solid #000000; height: 10px;" colspan="2"><font style="font-weight: bold;"><font>2020</font></font></td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; text-align: center; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 61%; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Outsourced service <font style="font-size: 8pt;"><sup>(i)</sup></font></font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: right; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: right; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: right; width: 10%; background-color: #cceeff;"><font style="line-height: inherit;"><font style="border-left: none; border-right: none; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="border-left: none; border-right: none; line-height: inherit;"><font>44,719,065</font></font></font></font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: right; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: right; width: 10%; background-color: #cceeff;"><font style="line-height: inherit;"><font style="border-left: none; border-right: none; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="border-left: none; border-right: none; line-height: inherit;"><font>5,100,980</font></font></font></font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; width: 1%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; width: 1%; height: 17px; background-color: #cceeff;">$</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; width: 10%; height: 17px; background-color: #cceeff;"><font>1,241,479</font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; width: 1%; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Employees&#8217; compensation&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: right;"><font style="line-height: inherit;"><font>6,559,500</font></font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: right;"><font style="line-height: inherit;"><font>7,278,999</font></font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><font>4,833,957</font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other expenses </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 14px; text-align: right; background-color: #cceeff;"><font style="line-height: inherit;"><font>494,118</font></font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 14px; text-align: right; background-color: #cceeff;"><font>789,305</font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 14px; background-color: #cceeff;"><font>2,242,640</font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 14px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"> Travel &amp; entertainment </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 14px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 14px; border-bottom: 1pt solid #000000;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 14px; text-align: right; border-bottom: 1pt solid #000000;"><font style="line-height: inherit;"><font>84,862</font></font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 14px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 14px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 14px; border-bottom: 1pt solid #000000;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 14px; text-align: right; border-bottom: 1pt solid #000000;"><font style="line-height: inherit;"><font>110,496</font></font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 14px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 14px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; border-bottom: 1pt solid #000000; height: 14px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; border-bottom: 1pt solid #000000; height: 14px;"><font>39,967</font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 14px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; font-weight: bold; background-color: #cceeff;">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-weight: bold; height: 10px; text-align: right; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom: 2.8pt double #000000; font-weight: bold; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom: 2.8pt double #000000; font-weight: bold; text-align: right; background-color: #cceeff;"><font style="line-height: inherit;"><font>51,857,545</font></font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 1px; height: 10px; font-weight: bold; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 1px; height: 10px; font-weight: bold; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom: 2.8pt double #000000; font-weight: bold; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom: 2.8pt double #000000; font-weight: bold; text-align: right; background-color: #cceeff;"><font style="line-height: inherit;"><font>13,279,780</font></font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; font-weight: bold; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; font-weight: bold; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; font-weight: bold; border-bottom: 2.8pt double #000000; height: 10px; background-color: #cceeff;">$</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; font-weight: bold; border-bottom: 2.8pt double #000000; height: 10px; background-color: #cceeff;"><font>8,358,043</font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; font-weight: bold; height: 10px; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(i) <font style="line-height: inherit; border-right: none; border-left: none;"><font style="border-right: none; border-left: none; line-height: inherit;"><font style="border-right: none; border-left: none; line-height: inherit;">Out of $</font><font style="border-left: none; border-right: none; line-height: inherit;"><font><font>44,719,065</font></font></font><font style="border-right: none; border-left: none; line-height: inherit;">, for the twelve months ended December 31, 2022, $</font><font style="border-left: none; border-right: none; line-height: inherit;"><font><font>38,588,166</font></font></font><font style="border-right: none; border-left: none; line-height: inherit;"> was charged under the MSA contract (refer to Note </font><font><font>4</font></font><font style="border-right: none; border-left: none; line-height: inherit;">).</font></font></font></font>

</p>
</div>
</div>
</div>
<div style="border-right: none; border-left: none;">
<div style="border-left: none; border-right: none;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font class="pageno" style="font-size: 10pt;">F-<font>25</font></font></td>
</tr>

</table>
</div>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br></div>
</div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin: 0px; text-indent: 0px; text-align: left; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="border-left: none; border-right: none; line-height: inherit;">13</font>.&nbsp;&nbsp; Selling, g</font>eneral and <font style="line-height: inherit;">adm<font style="line-height: inherit;">inistrative</font></font></font></font></p>
<p style="margin: 0px; text-indent: 0px; text-align: left; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><br></font></font></font></font></p>
<div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Selling, general and administrative expenses are comprised of the follow<font class="selected" style="line-height: inherit;">ing items:&nbsp; &nbsp;&nbsp;</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px; font-family: 'Times New Roman';"><br></p>
<div style="border-left: none; border-right: none;">
<div>
<table style="height: 125px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; margin-left: 0.1px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 14px;">
<td style="padding: 0.25pt 0.25pt 0.9pt; height: 14px; text-align: center; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 14px; text-align: center; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 14px; text-align: center; border-bottom: 1px solid #000000; vertical-align: bottom;" colspan="10" valign="bottom"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="border-left: medium none; border-right: medium none; line-height: inherit;">Year Ended <font>December 31,</font></font></font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0.25pt 0.25pt 0.9pt; height: 15px; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#8203; </font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-bottom-width: 1px; height: 15px; text-align: center; vertical-align: bottom; background-color: #ffffff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; border-bottom: 1px solid #000000; text-align: center; vertical-align: bottom; background-color: #ffffff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; border-bottom: 1px solid #000000; text-align: center; vertical-align: bottom; background-color: #ffffff;" valign="bottom"><font style="font-weight: bold; line-height: inherit;"><font>2022</font></font></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; border-bottom-width: 1px; vertical-align: bottom; background-color: #ffffff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; text-align: center; border-bottom-width: 1px; vertical-align: bottom; background-color: #ffffff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; text-align: center; border-bottom-width: 1px; vertical-align: bottom; background-color: #ffffff; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="2" valign="bottom"><font style="font-weight: bold; line-height: inherit;"><font>2021</font></font></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-bottom-width: 1px; height: 15px; vertical-align: bottom; background-color: #ffffff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 15px; background-color: #ffffff;"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; text-align: center; height: 15px; background-color: #ffffff;" colspan="2"><font style="font-weight: bold; line-height: inherit;"><font>2020</font></font></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 15px; background-color: #ffffff;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; height: 10px; vertical-align: bottom; width: 61%; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Outsourced s<font style="line-height: inherit;">ervice<sup>(i)</sup></font></font><br></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; vertical-align: bottom; width: 1%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; text-align: left; vertical-align: bottom; width: 1%; background-color: #cceeff;" valign="bottom">$<br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 10px; border-bottom-width: 1px; vertical-align: bottom; width: 10%; background-color: #cceeff;" valign="bottom"><font>13,553,800</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 10px; border-bottom-width: 1px; vertical-align: bottom; width: 1%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; text-align: right; border-bottom-width: 1px; vertical-align: bottom; width: 1%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; text-align: left; vertical-align: bottom; width: 1%; background-color: #cceeff;" valign="bottom">$<br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; text-align: right; vertical-align: bottom; width: 10%; background-color: #cceeff;" valign="bottom"><font>504,108</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; vertical-align: bottom; width: 1%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; width: 1%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; width: 1%; height: 10px; background-color: #cceeff;">$</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; width: 10%; text-align: right; height: 10px; background-color: #cceeff;"><font>287,584</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; width: 1%; height: 10px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="line-height: inherit;"> Employees&#8217; compensation </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 14px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; text-align: left; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 14px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><font>9,099,169</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 14px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 14px; text-align: right; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 14px; text-align: left; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 14px; text-align: right; vertical-align: bottom;" valign="bottom"><font>1,346,317</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 14px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; text-align: right; height: 14px;"><font style="border-left: none; border-right: none; line-height: inherit;"><font>783,023</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">Transaction Costs&nbsp;&nbsp;<br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; text-align: left; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 1px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font>6,190,634</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 1px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 1px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; text-align: left; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; text-align: right; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font>2,389,083</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; text-align: right; height: 17px; background-color: #cceeff;"><font>-</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; height: 17px;">Director &amp; Officers insurance <br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; vertical-align: bottom; height: 17px;"><font style="border-left: none; border-right: none; line-height: inherit;"><font>2,584,720</font></font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: right;"><font style="border-left: none; border-right: none; line-height: inherit;"><font>-</font></font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; text-align: right; height: 17px;"><font>-</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px; height: 14px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"> Other expenses </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 14px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; text-align: left; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 14px; border-bottom-width: 1px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font>1,418,749</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 14px; border-bottom-width: 1px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 14px; text-align: right; border-bottom-width: 1px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 14px; text-align: left; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 14px; text-align: right; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font>552,296</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 14px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; text-align: right; height: 14px; background-color: #cceeff;"><font>149,211</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"> Depreciation/amortization </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 14px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 14px; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 14px; vertical-align: bottom; border-bottom: 1pt solid #000000;" valign="bottom"><font>8,887</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 14px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 14px; text-align: right; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 14px; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 14px; text-align: right; vertical-align: bottom; border-bottom: 1pt solid #000000;" valign="bottom"><font>107,138</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 14px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 14px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; text-align: right; height: 14px;"><font>14,058</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 14px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; height: 10px; font-weight: bold; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; font-weight: bold; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; text-align: left; font-weight: bold; border-bottom: 2.8pt double #000000; vertical-align: bottom; background-color: #cceeff;" valign="bottom">$</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 10px; font-weight: bold; border-bottom: 2.8pt double #000000; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font>32,855,959</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; text-align: right; height: 10px; font-weight: bold; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; text-align: right; font-weight: bold; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom: 2.8pt double #000000; text-align: left; font-weight: bold; vertical-align: bottom; background-color: #cceeff;" valign="bottom">$</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; text-align: right; border-bottom: 2.8pt double #000000; font-weight: bold; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font>4,898,942</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 10px; background-color: #cceeff;"><font style="font-weight: bold; line-height: inherit;">$</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; text-align: right; border-bottom: 2.8pt double #000000; font-weight: bold; vertical-align: bottom; background-color: #cceeff;"><font>1,233,876</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
</div>
<div><br></div>
<div style="line-height: 1.2;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit; border-right: none; border-left: none;"><font>(i) Out of $<font>13,553,800</font>, for the twelve months ended December 31, 2022, $<font>897,346</font> was charged under the SSA contract for the twelve months ended December 31, 2022 (refer to Note <font>4</font>).</font></font></font></div>
</div>
</div>
<p style="margin: 0pt; text-align: justify;"><br></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="border-left: none; border-right: none; line-height: inherit;"><font style="border-left: none; border-right: none; line-height: inherit;">14</font></font>.&nbsp; &nbsp; Share-based payments <br></font></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><br></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 1.2; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">Eve&#8217;s <font>2022</font> Stock Incentive Plan consists of granting its employees, management, and officers restricted stock units (RSUs) of the Company<font style="font-size: 10pt; color: #000000; line-height: inherit;" lang="EN-US"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;" lang="EN-US"><font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000;" lang="EN-US">&#8217;</font></font></font></font>s common stock. The Granted Tranches contain service, performance, and market conditions that vest over <font>2</font>-<font>5</font> years. The RSU&#8217;s will be settled by the Company with its own shares upon achievement of the vesting conditions and there is neither repurchase obligation nor restrictions for the grantees to access the shares. The Company is allowed to net settle the award for statutory tax withholding purposes, but in no case exceeding the maximum statutory tax rates in the employees&#8217; relevant tax jurisdictions. Thus, the RSU&#8217;s are classified as equity. See below the RSU activities:</font></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 1.2; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><br></p>
<div>
<table style="width: 99.4602%; margin-left: 0.1px; height: 151px; font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse;">

<tr style="height: 32px;">
<td style="height: 32px; vertical-align: bottom; width: 61.0811%;" valign="bottom"><br></td>
<td style="text-align: center; height: 32px; vertical-align: bottom; border-bottom: 1pt solid #000000; width: 11.0811%;" valign="bottom"><font style="font-weight: bold; font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Number of Shares</font></td>
<td style="height: 32px; width: 1.47929%;"><br></td>
<td style="height: 32px; width: 1.08108%;"><br></td>
<td style="height: 32px; text-align: center; border-bottom: 1pt solid #000000; width: 11.0811%;"><font style="font-weight: bold; font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Weighted Average Grant Price</font></td>
<td style="height: 32px; width: 1.08108%;"><br></td>
<td style="height: 32px; width: 1.08108%;"><br></td>
<td style="height: 32px; text-align: center; border-bottom: 1pt solid #000000; width: 11.0811%;"><font style="font-weight: bold; font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Weighted Average Requisite Period</font></td>
<td style="height: 32px; width: 1.08108%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 61.0811%; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold; line-height: inherit;">Granted on May 9, 2022</font></td>
<td style="width: 11.0811%; text-align: right; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font>687,235</font></font></td>
<td style="width: 1.47929%; height: 17px; background-color: #cceeff;"><br></td>
<td style="width: 1.08108%; height: 17px; background-color: #cceeff;"><br></td>
<td style="width: 11.0811%; text-align: right; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font>14.08</font></font></td>
<td style="width: 1.08108%; height: 17px; background-color: #cceeff;"><br></td>
<td style="width: 1.08108%; height: 17px; background-color: #cceeff;"><br></td>
<td style="width: 11.0811%; height: 17px; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="border-left: none; border-right: none; line-height: inherit;"><font>2.84</font></font></font></td>
<td style="width: 1.08108%; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; width: 61.0811%;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Granted</font><br></td>
<td style="text-align: right; height: 17px; width: 11.0811%;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font>489,937</font></font></td>
<td style="height: 17px; width: 1.47929%;"><br></td>
<td style="height: 17px; width: 1.08108%;"><br></td>
<td style="text-align: right; height: 17px; width: 11.0811%;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font>13.62</font></font></td>
<td style="height: 17px; width: 1.08108%;"><br></td>
<td style="height: 17px; width: 1.08108%;"><br></td>
<td style="height: 17px; text-align: right; width: 11.0811%;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font>3.21</font></font></td>
<td style="height: 17px; width: 1.08108%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; width: 61.0811%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Vested</font></td>
<td style="text-align: right; height: 17px; width: 11.0811%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">(<font>140,000</font></font></td>
<td style="height: 17px; width: 1.47929%; padding: 0px; background-color: #cceeff;">)</td>
<td style="height: 17px; width: 1.08108%; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 17px; width: 11.0811%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font>11.32</font></font></td>
<td style="height: 17px; width: 1.08108%; background-color: #cceeff;"><br></td>
<td style="height: 17px; width: 1.08108%; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; width: 11.0811%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font>0.00</font></font></td>
<td style="height: 17px; width: 1.08108%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; width: 61.0811%;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Forfeited</font></td>
<td style="text-align: right; height: 17px; border-bottom: 1pt solid #000000; width: 11.0811%;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">(<font>120,000</font></font></td>
<td style="height: 17px; width: 1.47929%; padding: 0px;">)</td>
<td style="height: 17px; width: 1.08108%;"><br></td>
<td style="text-align: right; height: 17px; width: 11.0811%;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font>11.32</font></font></td>
<td style="height: 17px; width: 1.08108%;"><br></td>
<td style="height: 17px; width: 1.08108%;"><br></td>
<td style="height: 17px; text-align: right; width: 11.0811%;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font>0.00</font></font></td>
<td style="height: 17px; width: 1.08108%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; width: 61.0811%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold; line-height: inherit;">Outstanding as of <font>December 31, 2022</font> </font></td>
<td style="text-align: right; height: 17px; border-bottom: 2.8pt double #000000; width: 11.0811%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold; line-height: inherit;"><font>917,172</font></font></td>
<td style="height: 17px; width: 1.47929%; background-color: #cceeff;"><br></td>
<td style="height: 17px; width: 1.08108%; background-color: #cceeff;"><br></td>
<td style="height: 17px; width: 11.0811%; background-color: #cceeff;"><br></td>
<td style="height: 17px; width: 1.08108%; background-color: #cceeff;"><br></td>
<td style="height: 17px; width: 1.08108%; background-color: #cceeff;"><br></td>
<td style="height: 17px; width: 11.0811%; background-color: #cceeff;"><br></td>
<td style="height: 17px; width: 1.08108%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; width: 61.0811%;"><font style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold; line-height: inherit;">Convertible as of <font>December 31, 2022</font> </font></td>
<td style="height: 17px; text-align: right; width: 11.0811%;"><font>-</font></td>
<td style="height: 17px; width: 1.47929%;"><br></td>
<td style="height: 17px; width: 1.08108%;"><br></td>
<td style="height: 17px; width: 11.0811%;"><br></td>
<td style="height: 17px; width: 1.08108%;"><br></td>
<td style="height: 17px; width: 1.08108%;"><br></td>
<td style="height: 17px; width: 11.0811%;"><br></td>
<td style="height: 17px; width: 1.08108%;"><br></td>
</tr>

</table>
</div>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 1.2; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><br></p>
<div>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 1pt; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">All expenses related to share-based plans impacted the results as follows:</font></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 12pt; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><br></p>
<div>
<table style="width: 99.4857%; margin-left: 0.1px; height: 93px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 17px;">
<td style="height: 17px;"><br></td>
<td style="height: 17px;"><br></td>
<td style="text-align: center; border-bottom: 1pt solid #000000; height: 17px;" colspan="6"><font style="font-weight: bold; font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Year Ended <font>December 31,</font></font><br></td>
<td style="height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><br></td>
<td style="height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; text-align: center; height: 17px;"><font style="font-weight: bold; font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font>2022</font></font></td>
<td style="height: 17px;"><br></td>
<td style="height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; text-align: center; height: 17px;"><font style="font-weight: bold; font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font>2021</font></font></td>
<td style="height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; width: 74%;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"> Selling, general and administrative</font></td>
<td style="height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="height: 17px; background-color: #cceeff; width: 1%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</font><br></td>
<td style="height: 17px; background-color: #cceeff; text-align: right; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font>3,176,460</font></font></td>
<td style="height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="height: 17px; background-color: #cceeff; width: 1%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</font></td>
<td style="height: 17px; background-color: #cceeff; text-align: right; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font>-</font></font></td>
<td style="height: 17px; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"> Research and development</font></td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; border-bottom: 1pt solid #000000;"><br></td>
<td style="height: 17px; text-align: right; border-bottom: 1pt solid #000000;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font>124,932</font></font></td>
<td style="height: 17px;"><br></td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; border-bottom: 1pt solid #000000;"><br></td>
<td style="height: 17px; text-align: right; border-bottom: 1pt solid #000000;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font>-</font></font></td>
<td style="height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;"><font style="font-weight: bold; font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"> Total 2022 Stock Incentive Plan expense</font></td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</font></td>
<td style="height: 17px; background-color: #cceeff; text-align: right;"><font style="font-weight: bold; font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font>3,301,392</font></font></td>
<td style="height: 17px; background-color: #cceeff;"><font style="font-weight: bold; font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">&nbsp;</font></td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</font></td>
<td style="height: 17px; background-color: #cceeff; text-align: right;"><font style="font-weight: bold; font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font>-</font></font></td>
<td style="height: 17px; background-color: #cceeff;"><font style="font-weight: bold; font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">&nbsp;</font></td>
</tr>

</table>
</div>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 10pt; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><br></p>
</div>
<p style="margin: 0cm; font-family: Calibri; font-size: 11pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;" lang="en-US"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">The total tax benefits related to the 2022 Stock Incentive Plan for the current year was $<font>137,465</font>.</font></p>
</div>
<div>
<div style="border-left: none; border-right: none;">
<div style="margin: 0px; text-indent: 0px;"><br></div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font class="pageno" style="font-size: 10pt;">F-<font style="border-left: none; border-right: none;">26</font></font></td>
</tr>

</table>
</div>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br></div>
</div>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0px; font-size: 10pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="color: #000000; line-height: inherit;" lang="EN-US">15.&nbsp;&nbsp; </font></b><b><font style="line-height: inherit;" lang="EN-US">Fair value measurement&nbsp;</font></b></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">The following table lists the Company&#8217;s financial assets and liabilities by level within the fair value hierarchy. The Company&#8217;s assessment of the significance of an input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.&nbsp; &nbsp; &nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div>
<div style="border-left: none; border-right: none;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font>During the <font>twelve months ended</font>&nbsp;<font>December 31, 2022</font>, there were no changes in the fair value methodology of the financial instruments and, therefore, there were no transfers between levels.&nbsp;&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="border-left: none; border-right: none; line-height: 1.2;">
<div>
<table style="height: 97px; width: 99.6274%; margin: 0px 0px 0px 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;" cellpadding="0">

<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 23.1689%;"><br></td>
<td style="text-align: center; padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 0.75pt solid #000000 !important; width: 43.0493%;" colspan="15"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Year Ended <font>December 31, 2022</font></font></td>
</tr>
<tr style="height: 17px; background-color: #ccecff; margin-left: 0.1px;">
<td style="padding: 0px; vertical-align: bottom; width: 23.1689%; background-color: #ccecff; margin-left: 0.1px; height: 17px;" valign="bottom"><br></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.19581%; background-color: #ccecff; margin-left: 0.1px; height: 17px; border-bottom: 0.75pt solid #000000 !important;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: center; vertical-align: bottom; font-weight: bold; width: 7.7728%; background-color: #ccecff; margin-left: 0.1px; height: 17px; border-bottom: 0.75pt solid #000000 !important;" valign="bottom"><font>Level <font>1</font></font></td>
<td style="padding: 0px; vertical-align: bottom; width: 0.896861%; background-color: #ccecff; margin-left: 0.1px; height: 17px;" valign="bottom"><br></td>
<td style="padding: 0px; vertical-align: bottom; width: 0.896861%; background-color: #ccecff; margin-left: 0.1px; height: 17px;" valign="bottom"><br></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.19581%; background-color: #ccecff; margin-left: 0.1px; height: 17px; border-bottom: 0.75pt solid #000000 !important;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: center; vertical-align: bottom; width: 7.92227%; background-color: #ccecff; margin-left: 0.1px; height: 17px; border-bottom: 0.75pt solid #000000 !important;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Level&nbsp;<font><font>2</font></font></font></font></td>
<td style="padding: 0px; text-align: center; vertical-align: bottom; width: 1.49477%; background-color: #ccecff; margin-left: 0.1px; height: 17px;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: center; vertical-align: bottom; width: 0.896861%; background-color: #ccecff; margin-left: 0.1px; height: 17px;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: center; vertical-align: bottom; width: 1.19581%; background-color: #ccecff; margin-left: 0.1px; height: 17px; border-bottom: 0.75pt solid #000000 !important;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: center; vertical-align: bottom; width: 7.7728%; background-color: #ccecff; margin-left: 0.1px; height: 17px; border-bottom: 0.75pt solid #000000 !important;" valign="bottom"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Fair Value</font></td>
<td style="padding: 0px; text-align: center; vertical-align: bottom; width: 0.896861%; background-color: #ccecff; margin-left: 0.1px; height: 17px;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: center; vertical-align: bottom; width: 0.896861%; background-color: #ccecff; margin-left: 0.1px; height: 17px;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: center; vertical-align: bottom; width: 1.19581%; background-color: #ccecff; margin-left: 0.1px; height: 17px; border-bottom: 0.75pt solid #000000 !important;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: center; vertical-align: bottom; width: 7.7728%; background-color: #ccecff; margin-left: 0.1px; height: 17px; border-bottom: 0.75pt solid #000000 !important;" valign="bottom"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Book Value</font></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.04634%; background-color: #ccecff; margin-left: 0.1px; height: 17px;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding: 0px; vertical-align: bottom; width: 23.1689%;" valign="bottom"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Liabilities&nbsp;</font></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; width: 1.19581%;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: right; height: 17px; vertical-align: bottom; width: 7.7728%;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; width: 0.896861%;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; width: 0.896861%;" valign="bottom"><br></td>
<td style="height: 17px; padding: 0px; vertical-align: bottom; width: 1.19581%;" valign="bottom"><br></td>
<td style="height: 17px; text-align: right; padding: 0px; vertical-align: bottom; width: 7.92227%;" valign="bottom"><br></td>
<td style="height: 17px; padding: 0px; vertical-align: bottom; width: 1.49477%;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; width: 0.896861%;" valign="bottom"><br></td>
<td style="height: 17px; padding: 0px; vertical-align: bottom; width: 1.19581%;" valign="bottom"><br></td>
<td style="height: 17px; text-align: right; padding: 0px; vertical-align: bottom; width: 7.7728%;" valign="bottom"><br></td>
<td style="height: 17px; padding: 0px; vertical-align: bottom; width: 0.896861%;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; width: 0.896861%;" valign="bottom"><br></td>
<td style="height: 17px; padding: 0px; vertical-align: bottom; width: 1.19581%;" valign="bottom"><br></td>
<td style="height: 17px; text-align: right; padding: 0px; vertical-align: bottom; width: 7.7728%;" valign="bottom"><br></td>
<td style="height: 17px; padding: 0px; vertical-align: bottom; width: 1.04634%;" valign="bottom"><br></td>
</tr>
<tr style="height: 10px; background-color: #ccecff;">
<td style="height: 10px; padding: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 23.1689%; background-color: #ccecff;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative financial instruments <sup>(i)</sup></font></td>
<td style="padding: 0px; height: 10px; vertical-align: bottom; border-bottom: 1px solid #000000; width: 1.19581%; background-color: #ccecff;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: right; height: 10px; vertical-align: bottom; border-bottom: 1px solid #000000; width: 7.7728%; background-color: #ccecff;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font>-</font></font></td>
<td style="padding: 0px; height: 10px; vertical-align: bottom; text-align: left; border-bottom-width: 1px; width: 0.896861%; background-color: #ccecff;" valign="bottom"></td>
<td style="padding: 0px; text-align: right; height: 10px; vertical-align: bottom; border-bottom-width: 1px; width: 0.896861%; background-color: #ccecff;" valign="bottom"><br></td>
<td style="height: 10px; padding: 0px; text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; width: 1.19581%; background-color: #ccecff;" valign="bottom"><br></td>
<td style="height: 10px; padding: 0px; text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; width: 7.92227%; background-color: #ccecff;" valign="bottom"><font>(<font>3,562,500</font></font></td>
<td style="height: 10px; padding: 0px; vertical-align: bottom; border-bottom-width: 1px; width: 1.49477%; text-align: left; background-color: #ccecff;" valign="bottom">)</td>
<td style="padding: 0px; text-align: right; height: 10px; vertical-align: bottom; border-bottom-width: 1px; width: 0.896861%; background-color: #ccecff;" valign="bottom"><br></td>
<td style="height: 10px; padding: 0px; text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; width: 1.19581%; background-color: #ccecff;" valign="bottom"><br></td>
<td style="height: 10px; padding: 0px; text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; width: 7.7728%; background-color: #ccecff;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(<font>3,562,500</font></font></td>
<td style="height: 10px; padding: 0px; text-align: left; vertical-align: bottom; border-bottom-width: 1px; width: 0.896861%; background-color: #ccecff;" valign="bottom">)</td>
<td style="padding: 0px; text-align: right; height: 10px; vertical-align: bottom; border-bottom-width: 1px; width: 0.896861%; background-color: #ccecff;" valign="bottom"><br></td>
<td style="height: 10px; padding: 0px; text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; width: 1.19581%; background-color: #ccecff;" valign="bottom"><br></td>
<td style="height: 10px; padding: 0px; text-align: right; vertical-align: bottom; border-bottom: 1px solid #000000; width: 7.7728%; background-color: #ccecff;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(<font>3,562,500</font></font></td>
<td style="height: 10px; padding: 0px; vertical-align: bottom; width: 1.04634%; background-color: #ccecff;" valign="bottom">)</td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding: 0px; vertical-align: bottom; width: 23.1689%;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; text-align: left; border-bottom: 2.25pt double #000000 !important; width: 1.19581%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">$</font></td>
<td style="padding: 0px; text-align: right; height: 17px; vertical-align: bottom; border-bottom: 2.25pt double #000000 !important; width: 7.7728%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><font>-</font></font></td>
<td style="padding: 0px 0px 1px; height: 17px; vertical-align: bottom; width: 0.896861%;" valign="bottom"></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; width: 0.896861%;" valign="bottom"><br></td>
<td style="height: 17px; padding: 0px; vertical-align: bottom; border-bottom: 2.25pt double #000000 !important; width: 1.19581%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">$</font><br></td>
<td style="height: 17px; text-align: right; padding: 0px; vertical-align: bottom; border-bottom: 2.25pt double #000000 !important; width: 7.92227%;" valign="bottom"><font>(<font>3,562,500</font></font></td>
<td style="height: 17px; padding: 0px 0px 2px; vertical-align: bottom; width: 1.49477%;" valign="bottom"><font style="font-weight: bold;">)</font></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; width: 0.896861%;" valign="bottom"><br></td>
<td style="height: 17px; padding: 0px; vertical-align: bottom; border-bottom: 2.25pt double #000000 !important; width: 1.19581%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">$</font><br></td>
<td style="height: 17px; text-align: right; padding: 0px; vertical-align: bottom; border-bottom: 2.25pt double #000000 !important; width: 7.7728%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(<font>3,562,500</font></font></td>
<td style="height: 17px; padding: 0px 0px 1px; vertical-align: bottom; width: 0.896861%;" valign="bottom"><font style="font-weight: bold;">)</font></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; width: 0.896861%;" valign="bottom"><br></td>
<td style="height: 17px; padding: 0px; vertical-align: bottom; border-bottom: 2.25pt double #000000 !important; width: 1.19581%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">$</font><br></td>
<td style="height: 17px; text-align: right; padding: 0px; vertical-align: bottom; border-bottom: 2.25pt double #000000 !important; width: 7.7728%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(<font>3,562,500</font></font></td>
<td style="height: 17px; padding: 0px 0px 1px; vertical-align: bottom; width: 1.04634%;" valign="bottom"><font style="font-weight: bold;">)</font></td>
</tr>

</table>
</div>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="border-left: none; border-right: none; line-height: 1.2;">
<div style="border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">
<div>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 5%; vertical-align: top; padding: 0px 0px 2px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(i)</font></td>
<td style="width: 95%; padding: 0px 0px 2px;"><font style="font-family: &quot;times new roman&quot;, times; font-size: 10pt; line-height: inherit; border-right: none; border-left: none;"><font style="border-right: none; border-left: none; line-height: inherit;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Refers to the Private Placement Warrants.</font></font></font></td>
</tr>

</table>
</div>
</div>
</div>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">
<div>
<table style="height: 71px; width: 99.978%; margin: 0px 0px 0px 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;" width="100%" cellspacing="0" cellpadding="0" border="0">

<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; font-size: 10pt; height: 17px; width: 27.7649%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; font-size: 10pt; text-align: center; height: 17px; border-bottom: 0.75pt solid #000000 !important; width: 51.8609%;" colspan="15"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="color: #000000; line-height: inherit;">Year Ended <font style="border-left: none; border-right: none; line-height: inherit;"><font>December 31, 2021</font></font></font></b></font></td>
</tr>
<tr style="height: 10px; background-color: #ccecff;">
<td style="padding: 0px; height: 10px; vertical-align: bottom; font-size: 10pt; width: 27.7649%; background-color: #ccecff;" valign="bottom">
<p style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', 'serif';"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 10px; vertical-align: bottom; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 0.687285%; background-color: #ccecff;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: center; height: 10px; vertical-align: bottom; font-size: 10pt; font-weight: bold; border-bottom: 0.75pt solid #000000 !important; width: 10.4543%; background-color: #ccecff;" valign="bottom"><font>Level <font>1</font></font></td>
<td style="padding: 0px; height: 10px; vertical-align: bottom; font-size: 10pt; width: 0.928752%; background-color: #ccecff;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; vertical-align: bottom; font-size: 10pt; width: 0.687285%; background-color: #ccecff;" valign="bottom">
<p style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', 'serif';"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 0.687285%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; height: 10px; text-align: center; vertical-align: bottom; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 10.7311%; background-color: #ccecff;" valign="bottom">
<p style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', 'serif';"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><b><font style="color: #000000; line-height: inherit;">Level <font><font>2</font></font></font></b></font></p>
</td>
<td style="padding: 0px; height: 10px; text-align: center; vertical-align: bottom; font-size: 10pt; width: 1.68479%; background-color: #ccecff;" valign="bottom">
<p style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', 'serif';"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; text-align: center; vertical-align: bottom; height: 10px; font-size: 10pt; width: 0.86005%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; height: 10px; text-align: center; vertical-align: bottom; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 0.687285%; background-color: #ccecff;" valign="bottom">
<p style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', 'serif';"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 10px; text-align: center; vertical-align: bottom; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 9.66483%; background-color: #ccecff;" valign="bottom">
<p style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', 'serif';"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><b><font style="color: #000000; line-height: inherit;">Fair Value</font></b></font></p>
</td>
<td style="padding: 0px; height: 10px; text-align: center; vertical-align: bottom; font-size: 10pt; width: 2.647%; background-color: #ccecff;" valign="bottom">
<p style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', 'serif';"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; text-align: center; vertical-align: bottom; height: 10px; font-size: 10pt; width: 0.687285%; background-color: #ccecff;"><br></td>
<td style="padding: 0px; height: 10px; text-align: center; vertical-align: bottom; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 0.687285%; background-color: #ccecff;" valign="bottom">
<p style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', 'serif';"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 10px; text-align: center; vertical-align: bottom; font-size: 10pt; border-bottom: 0.75pt solid #000000 !important; width: 9.76888%; background-color: #ccecff;" valign="bottom">
<p style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', 'serif';"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><b><font style="color: #000000; line-height: inherit;">Book Value</font></b></font></p>
</td>
<td style="padding: 0px; height: 10px; vertical-align: bottom; font-size: 10pt; width: 0.997506%; background-color: #ccecff;" valign="bottom">
<p style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', 'serif';"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 27.7649%;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="color: #000000; line-height: inherit;">Liabilities</font></b></font></p>
</td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; font-size: 10pt; width: 0.687285%;" valign="bottom"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; margin: 0px; text-indent: 0px; height: 10px; text-align: right; vertical-align: bottom; font-size: 10pt; width: 10.4543%;" valign="bottom"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; font-size: 10pt; width: 0.928752%;" valign="bottom"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 0.687285%;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; font-size: 10pt; width: 0.687285%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 10.7311%;" valign="bottom">
<p style="text-align: right; margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; padding-left: 0px; padding-right: 0px; text-indent: 0px;" align="right"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 1.68479%;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; font-size: 10pt; width: 0.86005%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 0.687285%;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 9.66483%;" valign="bottom">
<p style="text-align: right; margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; padding-left: 0px; padding-right: 0px; text-indent: 0px;" align="right"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 2.647%;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; font-size: 10pt; width: 0.687285%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 0.687285%;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 9.76888%;" valign="bottom">
<p style="text-align: right; margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; padding-left: 0px; padding-right: 0px; text-indent: 0px;" align="right"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 0.997506%;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 12px; background-color: #ccecff;">
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 12px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 27.7649%; background-color: #ccecff;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> Derivative financial instruments </font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; margin: 0px; text-indent: 0px; height: 12px; vertical-align: bottom; font-size: 10pt; border-bottom: 1px solid #000000; width: 0.687285%; background-color: #ccecff;" valign="bottom"><br></td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; margin: 0px; text-indent: 0px; height: 12px; text-align: right; vertical-align: bottom; font-size: 10pt; border-bottom: 1px solid #000000; width: 10.4543%; background-color: #ccecff;" valign="bottom"><font>-</font></td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; margin: 0px; text-indent: 0px; height: 12px; vertical-align: bottom; font-size: 10pt; width: 0.928752%; border-bottom-width: 1px; background-color: #ccecff;" valign="bottom"><br></td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 12px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 0.687285%; border-bottom-width: 1px; background-color: #ccecff;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 12px; font-size: 10pt; border-bottom: 1px solid #000000; width: 0.687285%; background-color: #ccecff;"><br></td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 12px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; border-bottom: 1px solid #000000; width: 10.7311%; background-color: #ccecff;" valign="bottom">
<p style="text-align: right; margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; padding-left: 0px; padding-right: 0px; text-indent: 0px;" align="right"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;">(<font>32,226</font></font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 12px; margin: 0px; text-indent: 0px; vertical-align: middle; font-size: 10pt; width: 1.68479%; border-bottom-width: 1px; background-color: #ccecff;" valign="middle"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 12px; font-size: 10pt; width: 0.86005%; border-bottom-width: 1px; background-color: #ccecff;"><br></td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 12px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; border-bottom: 1px solid #000000; width: 0.687285%; background-color: #ccecff;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 12px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; border-bottom: 1px solid #000000; width: 9.66483%; background-color: #ccecff;" valign="bottom">
<p style="text-align: right; margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; padding-left: 0px; padding-right: 0px; text-indent: 0px;" align="right"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;">(<font>32,226</font></font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 12px; margin: 0px; text-indent: 0px; vertical-align: middle; font-size: 10pt; width: 2.647%; border-bottom-width: 1px; background-color: #ccecff;" valign="middle"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 12px; font-size: 10pt; width: 0.687285%; border-bottom-width: 1px; background-color: #ccecff;"><br></td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 12px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; border-bottom: 1px solid #000000; width: 0.687285%; background-color: #ccecff;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 12px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; border-bottom: 1px solid #000000; width: 9.76888%; background-color: #ccecff;" valign="bottom">
<p style="text-align: right; margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; padding-left: 0px; padding-right: 0px; text-indent: 0px;" align="right"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;">(<font>32,226</font></font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 12px; margin: 0px; text-indent: 0px; vertical-align: middle; font-size: 10pt; width: 0.997506%; background-color: #ccecff;" valign="middle"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
</tr>
<tr style="height: 10px;">
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 27.7649%;" valign="bottom"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; font-size: 10pt; border-bottom: 2.25pt double #000000 !important; width: 0.687285%;" valign="bottom"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; margin: 0px; text-indent: 0px; height: 10px; text-align: right; vertical-align: bottom; font-size: 10pt; border-bottom: 2.25pt double #000000 !important; width: 10.4543%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><font>-</font></font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; font-size: 10pt; width: 0.928752%;" valign="bottom"></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 0.687285%;" valign="bottom"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; font-size: 10pt; border-bottom: 2.25pt double #000000 !important; width: 0.687285%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; border-bottom: 2.25pt double #000000 !important; width: 10.7311%;" valign="bottom">
<p style="text-align: right; margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; padding-left: 0px; padding-right: 0px; text-indent: 0px;" align="right"><font style="font-size: 10pt; color: #000000; font-weight: bold; font-family: 'times new roman', times; line-height: inherit;">(<font>32,226</font></font></p>
</td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: middle; font-size: 10pt; width: 1.68479%;" valign="middle"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; font-size: 10pt; width: 0.86005%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; border-bottom: 2.25pt double #000000 !important; width: 0.687285%;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; color: #000000; font-weight: bold; font-family: 'times new roman', times; line-height: inherit;"> $ </font></p>
</td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; border-bottom: 2.25pt double #000000 !important; width: 9.66483%;" valign="bottom">
<p style="text-align: right; margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; padding-left: 0px; padding-right: 0px; text-indent: 0px;" align="right"><font style="font-size: 10pt; color: #000000; font-weight: bold; font-family: 'times new roman', times; line-height: inherit;">(<font>32,226</font></font></p>
</td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px 0px 2px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 2.647%;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; color: #000000; font-weight: bold; font-family: 'times new roman', times; line-height: inherit;"> )&nbsp; </font></p>
</td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; font-size: 10pt; width: 0.687285%;"><br></td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; border-bottom: 2.25pt double #000000 !important; width: 0.687285%;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; color: #000000; font-weight: bold; font-family: 'times new roman', times; line-height: inherit;"> $ </font></p>
</td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; border-bottom: 2.25pt double #000000 !important; width: 9.76888%;" valign="bottom">
<p style="text-align: right; margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; text-indent: 0px; padding-left: 0px; padding-right: 0px;" align="right"><font style="font-size: 10pt; color: #000000; font-weight: bold; font-family: 'times new roman', times; line-height: inherit;">(<font>32,226</font></font></p>
</td>
<td style="background-position: 0% 0%; background-repeat: repeat; background-attachment: scroll; background-image: none; background-size: auto; background-origin: padding-box; background-clip: border-box; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 0.997506%;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', 'serif'; text-indent: 0px; padding-left: 0px; padding-right: 0px; line-height: 1.2;"><font style="font-size: 10pt; color: #000000; font-weight: bold; font-family: 'times new roman', times; line-height: inherit;"> )&nbsp; </font></p>
</td>
</tr>

</table>
</div>
</div>
</div>
</div>
<div>
<div style="border-left: none; border-right: none;">
<div>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font>F-27</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br></div>
</div>
</div>
</div>
</div>
</div>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-family: arial, helvetica, sans-serif; font-size: 8pt; line-height: inherit;"><font>&nbsp;<font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The</font></font><font style="line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;" lang="EN-US"> fair value of the Private Placement Warrants and the New Warrants with an exercise price of $<font>11.50</font> was estimated based on the Eve&#8217;s Public Warrants fair value on May 9, 2022, since they have similar key terms.&nbsp;</font></font></font></p>
<div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px; line-height: 1.2;">
<div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">The change in the fair value of the Private Placement Warrants&nbsp;from&nbsp;the Closing date until <font>December 31, 2022</font>:</font><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px; font-family: 'Times New Roman';"><br></p>
<div style="border-left: none; border-right: none; text-align: left; margin: 0px; text-indent: 0px;">
<div style="border-left: none; border-right: none;">
<div>
<table style="height: 105px; width: 99.8899%; margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">

<tr style="height: 17px;">
<td style="margin: 0px; text-indent: 0px; padding: 0px; width: 85.9396%; height: 17px;"><br></td>
<td style="margin: 0px; text-indent: 0px; padding: 0px; width: 1.02881%; height: 17px;"><br></td>
<td style="text-align: center; margin: 0px; text-indent: 0px; border-bottom: 1px solid #000000; padding: 0px; width: 12%; height: 17px;" colspan="3"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Private Placement Warrants</font></td>
<td style="text-align: center; margin: 0px; text-indent: 0px; padding: 0px; width: 1.49031%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="margin: 0px; text-indent: 0px; padding: 0px; width: 85.9396%; height: 17px; background-color: #cceeff;"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Balance as of December 31, 2021</font></td>
<td style="margin: 0px; text-indent: 0px; padding: 0px; width: 1.02881%; height: 17px; background-color: #cceeff;"><br></td>
<td style="margin: 0px; text-indent: 0px; border-bottom-width: 1px; padding: 0px; width: 1%; height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</font></td>
<td style="margin: 0px; text-indent: 0px; border-bottom-width: 1px; padding: 0px; width: 1%; height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; padding: 0px; width: 10%; height: 17px; background-color: #cceeff;"><font style="border-left: none; border-right: none; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font>-</font></font><br></td>
<td style="margin: 0px; text-indent: 0px; padding: 0px; width: 1.49031%; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="margin: 0px; text-indent: 0px; padding: 0px; width: 85.9396%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Change in fair value</font></td>
<td style="margin: 0px; text-indent: 0px; padding: 0px; width: 1.02881%; height: 17px;"><br></td>
<td style="margin: 0px; text-indent: 0px; border-bottom-width: 1px; padding: 0px; width: 1%; height: 17px;"><br></td>
<td style="margin: 0px; text-indent: 0px; border-bottom-width: 1px; padding: 0px; width: 1%; height: 17px;"><br></td>
<td style="text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; padding: 0px; width: 10%; height: 17px;"><font style="border-left: none; border-right: none; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font>-</font></font><br></td>
<td style="margin: 0px; text-indent: 0px; padding: 0px; width: 1.49031%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="height: 17px; margin: 0px; text-indent: 0px; padding: 0px; width: 85.9396%; background-color: #cceeff;"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Balance as of M<font style="line-height: inherit;">ay <font>9</font>, <font>2022</font></font></font></td>
<td style="height: 17px; margin: 0px; text-indent: 0px; padding: 0px; width: 1.02881%; background-color: #cceeff;"><br></td>
<td style="height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; padding: 0px; width: 1%; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</font></td>
<td style="height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; padding: 0px; width: 1%; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 1px; padding: 0px; width: 10%; background-color: #cceeff;"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font>13,110,000</font></font></td>
<td style="height: 17px; margin: 0px; text-indent: 0px; padding: 0px; width: 1.49031%; background-color: #cceeff;"></td>
</tr>
<tr style="height: 17px;">
<td style="margin: 0px; text-indent: 0px; padding: 0px; height: 17px; width: 85.9396%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Change in fair value</font></td>
<td style="margin: 0px; text-indent: 0px; padding: 0px; height: 17px; width: 1.02881%;"><br></td>
<td style="margin: 0px; text-indent: 0px; padding: 0px; border-bottom: 1px solid #000000; height: 17px; width: 1%;"><br></td>
<td style="margin: 0px; text-indent: 0px; padding: 0px; border-bottom: 1px solid #000000; height: 17px; width: 1%;"><br></td>
<td style="text-align: right; margin: 0px; text-indent: 0px; padding: 0px; border-bottom: 1px solid #000000; height: 17px; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>9,547,500</font><br></td>
<td style="margin: 0px; text-indent: 0px; padding: 0px; height: 17px; width: 1.49031%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
</tr>
<tr style="height: 20px; background-color: #cceeff;">
<td style="margin: 0px; text-indent: 0px; padding: 0px; height: 20px; width: 85.9396%; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Balance as of <font>December 31, 2022</font></font></td>
<td style="margin: 0px; text-indent: 0px; padding: 0px; height: 20px; width: 1.02881%; background-color: #cceeff;"><br></td>
<td style="margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; padding: 0px; height: 20px; width: 1%; background-color: #cceeff;"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font></td>
<td style="margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; padding: 0px; height: 20px; width: 1%; background-color: #cceeff;"><br></td>
<td style="text-align: right; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; padding: 0px; height: 20px; width: 10%; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font>3,562,500</font></font><br></p>
</td>
<td style="margin: 0px; text-indent: 0px; padding: 0px; height: 20px; width: 1.49031%; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
</div>
</div>
</div>
<div style="border-left: none; border-right: none; text-align: left; margin: 0px; text-indent: 0px;"><br></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Public Warrants were remeasured at fair value as of the Closing date and reclassified to equity.&nbsp;&nbsp;</font><br></p>
</div>
</div>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-weight: bold; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="border: 0px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline; color: #000000; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;" lang="EN-US"><font style="border-left: none; border-right: none; line-height: inherit;"><font style="border-left: none; border-right: none; line-height: inherit;">16</font></font>.&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Segment Information</font></font></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><br></p>
</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="text-align: justify; text-indent: 21.3pt; line-height: 12pt; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">The information provided to the CODMs is as follows:</font></p>
<br></div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">
<div>
<table style="height: 190px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; margin-left: 0.1px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0.25pt 0.25pt 0.9pt; vertical-align: bottom; border-bottom-width: 1px; height: 10px; font-size: 10pt; width: 59.3614%;"><br></td>
<td style="padding: 0.25pt 0.25pt 0.4pt; vertical-align: bottom; border-bottom-width: 1px; height: 10px; font-size: 10pt; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: center; height: 10px; font-size: 10pt; border-bottom: 1px solid #000000; width: 38.6909%;" colspan="11"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Year Ended <font>December 31,</font></font><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; font-size: 10pt; width: 59.3614%;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#8203; </font></p>
</td>
<td style="padding: 0.25pt 0.25pt 0.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; font-size: 10pt; width: 1.01597%;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#8203; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: center; border-bottom: 1px solid #000000; font-size: 10pt; width: 11%;" colspan="2"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;"><font>2022</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; font-size: 10pt; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; font-size: 10pt; width: 1.01597%;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1px solid #000000; font-size: 10pt; width: 11%;" colspan="2" valign="bottom">
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <font>2021</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; font-size: 10pt; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 10px; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 10px; border-bottom: 1pt solid #000000; width: 1.1611%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 10px; border-bottom: 1pt solid #000000; width: 10.0145%; text-align: center;"><font style="font-weight: bold;"><font>2020</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 10px; width: 1.45138%;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; font-size: 10pt; background-color: #cceeff; width: 59.3614%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">eVTOL&nbsp;</font></td>
<td style="padding: 0.25pt; vertical-align: bottom; border-bottom-width: 1px; height: 10px; font-size: 10pt; background-color: #cceeff; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; font-size: 10pt; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; font-size: 10pt; background-color: #cceeff; width: 10%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; font-size: 10pt; background-color: #cceeff; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; font-size: 10pt; background-color: #cceeff; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; font-size: 10pt; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; font-size: 10pt; background-color: #cceeff; width: 10%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: left; font-size: 10pt; background-color: #cceeff; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; background-color: #cceeff; height: 10px; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; background-color: #cceeff; height: 10px; width: 1.1611%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; background-color: #cceeff; height: 10px; width: 10.0145%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; background-color: #cceeff; height: 10px; width: 1.45138%;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 10px; font-size: 10pt; width: 59.3614%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&nbsp;&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&nbsp;</font>Research and development expenses</font></td>
<td style="padding: 0.25pt; vertical-align: bottom; height: 10px; font-size: 10pt; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: left; font-size: 10pt; width: 1%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">$</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 10px; font-size: 10pt; width: 10%;">(<font>42,892,901</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; font-size: 10pt; text-align: left; width: 1.01597%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 10px; font-size: 10pt; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: left; font-size: 10pt; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">$</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; font-size: 10pt; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>11,207,794</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: left; font-size: 10pt; width: 1.01597%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; height: 10px; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; height: 10px; width: 1.1611%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 10px; text-align: right; width: 10.0145%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(<font>7,583,456</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; height: 10px; width: 1.45138%;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; background-color: #cceeff; width: 59.3614%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">UATM</font></td>
<td style="padding: 0.25pt; vertical-align: bottom; height: 17px; font-size: 10pt; background-color: #cceeff; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; background-color: #cceeff; width: 10%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; text-align: left; background-color: #cceeff; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; background-color: #cceeff; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; background-color: #cceeff; width: 10%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: left; font-size: 10pt; background-color: #cceeff; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; background-color: #cceeff; height: 17px; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; background-color: #cceeff; height: 17px; width: 1.1611%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; background-color: #cceeff; height: 17px; text-align: right; width: 10.0145%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; background-color: #cceeff; height: 17px; width: 1.45138%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; width: 59.3614%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; float: none; line-height: inherit; display: inline !important;">&nbsp;&nbsp;<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Research and development expenses</font></font></td>
<td style="padding: 0.25pt; vertical-align: bottom; height: 17px; font-size: 10pt; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; font-size: 10pt; width: 1%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; font-size: 10pt; width: 10%;">(<font>7,032,154</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; text-align: left; width: 1.01597%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; font-size: 10pt; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: right; font-size: 10pt; width: 1%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: right; font-size: 10pt; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(</font><font>2,071,986</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: left; font-size: 10pt; width: 1.01597%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; height: 17px; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; height: 17px; width: 1.1611%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 17px; text-align: right; width: 10.0145%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(<font>774,587</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; height: 17px; width: 1.45138%;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; font-size: 10pt; background-color: #cceeff; width: 59.3614%;"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;">Service and Support</font></td>
<td style="padding: 0.25pt; vertical-align: bottom; height: 17px; font-size: 10pt; background-color: #cceeff; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; background-color: #cceeff; width: 10%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; text-align: left; background-color: #cceeff; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; background-color: #cceeff; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; background-color: #cceeff; width: 10%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: left; font-size: 10pt; background-color: #cceeff; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; background-color: #cceeff; height: 17px; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; background-color: #cceeff; height: 17px; width: 1.1611%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; background-color: #cceeff; height: 17px; text-align: right; width: 10.0145%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; background-color: #cceeff; height: 17px; width: 1.45138%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; font-size: 10pt; width: 59.3614%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">&nbsp;&nbsp;<font style="line-height: inherit;">&nbsp;</font></font>Research and development expenses&nbsp;</font></td>
<td style="padding: 0.25pt; vertical-align: bottom; height: 17px; font-size: 10pt; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; font-size: 10pt; width: 1%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; font-size: 10pt; width: 10%;">(<font>1,932,490</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; text-align: left; width: 1.01597%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; height: 17px; font-size: 10pt; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: right; font-size: 10pt; width: 1%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: right; font-size: 10pt; width: 10%;"><font>-</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: left; font-size: 10pt; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; height: 17px; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; height: 17px; width: 1.1611%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 17px; text-align: right; width: 10.0145%;"><font>-</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; height: 17px; width: 1.45138%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; font-size: 10pt; background-color: #cceeff; width: 59.3614%;"><br></td>
<td style="padding: 0.25pt; vertical-align: bottom; height: 17px; font-size: 10pt; background-color: #cceeff; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; background-color: #cceeff; width: 10%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; text-align: left; background-color: #cceeff; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; background-color: #cceeff; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; background-color: #cceeff; width: 10%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; text-align: left; font-size: 10pt; background-color: #cceeff; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; background-color: #cceeff; height: 17px; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; background-color: #cceeff; height: 17px; width: 1.1611%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; background-color: #cceeff; height: 17px; text-align: right; width: 10.0145%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; background-color: #cceeff; height: 17px; width: 1.45138%;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; font-size: 10pt; width: 59.3614%;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Total allocated expenses </font></p>
</td>
<td style="padding: 0.25pt; vertical-align: bottom; height: 10px; font-size: 10pt; width: 1.01597%;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; font-size: 10pt; width: 1%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; font-size: 10pt; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">(<font>51,857,545</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; font-size: 10pt; text-align: left; font-weight: bold; width: 1.01597%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; font-size: 10pt; width: 1.01597%;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 1%;" valign="bottom">
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 10%;" valign="bottom">
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">(<font>13,279,780</font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: left; font-size: 10pt; font-weight: bold; width: 1.01597%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; font-weight: bold; height: 10px; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; font-weight: bold; height: 10px; width: 1.1611%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 10px; text-align: right; width: 10.0145%;"><font style="font-weight: bold;">(<font>8,358,043</font></font></td>
<td style="padding: 0px 0px 1px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; font-weight: bold; height: 10px; width: 1.45138%;">)</td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; border-bottom-width: 1px; font-size: 10pt; background-color: #cceeff; width: 59.3614%;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Unallocated amounts </font></p>
</td>
<td style="padding: 0.25pt; vertical-align: bottom; height: 14px; font-size: 10pt; background-color: #cceeff; width: 1.01597%;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; font-size: 10pt; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; font-size: 10pt; background-color: #cceeff; width: 10%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; font-size: 10pt; text-align: left; background-color: #cceeff; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; font-size: 10pt; background-color: #cceeff; width: 1.01597%;"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; background-color: #cceeff; width: 1%;" valign="bottom">
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; background-color: #cceeff; width: 10%;" valign="bottom">
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; text-align: left; font-size: 10pt; background-color: #cceeff; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; background-color: #cceeff; height: 14px; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; background-color: #cceeff; height: 14px; width: 1.1611%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; background-color: #cceeff; height: 14px; text-align: right; width: 10.0145%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; background-color: #cceeff; height: 14px; width: 1.45138%;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px; height: 14px; vertical-align: bottom; border-bottom-width: 1px; font-size: 10pt; width: 59.3614%;" valign="bottom">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &nbsp;&nbsp; Selling, general and administrative/New Warrants expenses </font></p>
</td>
<td style="padding: 0.25pt; vertical-align: bottom; height: 14px; font-size: 10pt; width: 1.01597%;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; font-size: 10pt; width: 1%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; text-align: right; font-size: 10pt; width: 10%;">(<font>137,632,189</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; font-size: 10pt; text-align: left; width: 1.01597%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; font-size: 10pt; width: 1.01597%;"><br></td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 1%;" valign="bottom">
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 14px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; width: 10%;" valign="bottom">
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(<font>4,898,942</font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 14px; text-align: left; font-size: 10pt; width: 1.01597%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; height: 14px; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; height: 14px; width: 1.1611%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; height: 14px; text-align: right; width: 10.0145%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(<font>1,233,876</font></font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; height: 14px; width: 1.45138%;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; height: 17px; font-size: 10pt; background-color: #cceeff; width: 59.3614%;"><br></td>
<td style="padding: 0.25pt; vertical-align: bottom; border-bottom-width: 1px; height: 17px; font-size: 10pt; background-color: #cceeff; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-bottom: 1px solid #000000; font-size: 10pt; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-bottom: 1px solid #000000; font-size: 10pt; background-color: #cceeff; width: 10%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 17px; font-size: 10pt; text-align: left; background-color: #cceeff; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 17px; font-size: 10pt; background-color: #cceeff; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important; width: 1%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; font-size: 10pt; background-color: #cceeff; border-bottom: 0.75pt solid #000000 !important; width: 10%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; height: 17px; font-size: 10pt; background-color: #cceeff; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; background-color: #cceeff; height: 17px; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; background-color: #cceeff; height: 17px; border-bottom: 1pt solid #000000; width: 1.1611%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; background-color: #cceeff; height: 17px; border-bottom: 1pt solid #000000; text-align: right; width: 10.0145%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; background-color: #cceeff; height: 17px; width: 1.45138%;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; font-size: 10pt; font-weight: bold; width: 59.3614%;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Loss from operations&nbsp; </font></p>
</td>
<td style="padding: 0.25pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; font-size: 10pt; font-weight: bold; width: 1.01597%;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom: 1px solid #000000; font-size: 10pt; font-weight: bold; width: 1%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">$</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: right; border-bottom: 1px solid #000000; font-size: 10pt; font-weight: bold; width: 10%;">(<font>189,489,734</font></td>
<td style="padding: 0px 0px 1px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; font-size: 10pt; text-align: left; font-weight: bold; width: 1.01597%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: bottom; height: 10px; font-size: 10pt; font-weight: bold; width: 1.01597%;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; border-bottom: 0.75pt solid #000000 !important; width: 1%;" valign="bottom">
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> $ </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; border-bottom: 0.75pt solid #000000 !important; width: 10%;" valign="bottom">
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(<font>18,178,722</font></font></p>
</td>
<td style="padding: 0px 0px 1px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; text-align: left; font-size: 10pt; font-weight: bold; width: 1.01597%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; font-weight: bold; height: 10px; width: 1.01597%;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; font-weight: bold; height: 10px; border-bottom: 1pt solid #000000; width: 1.1611%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; font-size: 10pt; font-weight: bold; height: 10px; border-bottom: 1pt solid #000000; text-align: right; width: 10.0145%;"><font style="font-weight: bold;">(<font>9,591,919</font></font></td>
<td style="padding: 0px 0px 1px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: left; font-size: 10pt; font-weight: bold; height: 10px; width: 1.45138%;">)</td>
</tr>

</table>
</div>
</div>
</div>
</div>
</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; border-left: none; border-right: none; line-height: 1.2;">
<div style="border-left: none; border-right: none;"></div>
</div>
</div>
</div>
</div>
</div>
</div>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;&nbsp;</font></p>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt;">F-<font>27</font></font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br></div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin: 0px; font-size: 10pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important; font-weight: bold;">17. </font><font style="font-weight: bold; line-height: inherit;">Income</font></font><font style="font-weight: bold; line-height: inherit;"> Taxes</font></font></p>
<div style="line-height: 1.2;">
<div>
<p style="margin: 0pt 0cm 0cm; text-align: justify; text-indent: 20pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><br></p>
<p style="margin: 0pt 0cm 0cm; text-align: justify; text-indent: 20pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US">Loss before income taxes consisted of the following:</font></p>
<p style="margin: 0 0cm 0cm; text-align: justify; text-indent: 20pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><br></p>
<div>
<table style="height: 72px; width: 99.6677%; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin-left: 0.1px;">

<tr style="height: 17px;">
<td style="padding: 0px; height: 17px; vertical-align: bottom; width: 60.9655%;" valign="bottom"><br></td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; height: 17px; vertical-align: bottom; width: 0.965517%;" valign="bottom"><br></td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; height: 17px; vertical-align: bottom; width: 0.965517%;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: center; border-bottom: 1pt solid #000000; height: 17px; vertical-align: bottom; width: 10%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>2022</font></font><br></td>
<td style="padding: 0px; text-align: center; height: 17px; vertical-align: bottom; width: 0.965517%;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: center; height: 17px; vertical-align: bottom; width: 0.965517%;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: center; height: 17px; border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.965517%;" valign="bottom"><br></td>
<td style="padding: 0px; text-align: center; height: 17px; border-bottom: 1pt solid #000000; vertical-align: bottom; width: 10%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>2021</font></font><br></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; width: 0.965517%;" valign="bottom"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.965517%;"><br></td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px; width: 0.965517%;"><br></td>
<td class="ng-scope" style="padding: 0px; border-bottom: 1pt solid #000000; font-weight: bold; vertical-align: bottom; text-align: center; height: 17px; width: 10%;"><font>2020</font><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.965517%;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 19px;">
<td style="background-color: #cceeff; padding: 0px 0px 0px 5px; height: 19px; vertical-align: bottom; width: 60.9655%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">United States</font></td>
<td style="background-color: #cceeff; height: 19px; padding: 0px; vertical-align: bottom; width: 0.965517%;" valign="bottom">$<br></td>
<td style="background-color: #cceeff; height: 19px; padding: 0px; vertical-align: bottom; width: 0.965517%;" valign="bottom"><br></td>
<td style="text-align: right; background-color: #cceeff; height: 19px; padding: 0px; vertical-align: bottom; width: 10%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(<font>174,747,260</font></font></td>
<td style="background-color: #cceeff; height: 19px; padding: 0px; vertical-align: bottom; width: 0.965517%;" valign="bottom"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">)</font></td>
<td style="background-color: #cceeff; height: 19px; padding: 0px; vertical-align: bottom; width: 0.965517%;" valign="bottom"><br></td>
<td style="background-color: #cceeff; height: 19px; padding: 0px; vertical-align: bottom; width: 0.965517%;" valign="bottom">$<br></td>
<td style="text-align: right; background-color: #cceeff; height: 19px; padding: 0px; vertical-align: bottom; width: 10%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(<font>6,481,431</font></font></td>
<td style="background-color: #cceeff; height: 19px; padding: 0px; vertical-align: bottom; width: 0.965517%;" valign="bottom"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">)</font></td>
<td style="background-color: #cceeff; padding: 0px; vertical-align: bottom; width: 0.965517%; height: 19px;"><br></td>
<td style="background-color: #cceeff; padding: 0px; vertical-align: bottom; width: 0.965517%; height: 19px;">$<br></td>
<td style="background-color: #cceeff; padding: 0px; vertical-align: bottom; width: 10%; text-align: right; height: 19px;">(<font>1,742,747</font></td>
<td style="background-color: #cceeff; padding: 0px; vertical-align: bottom; width: 0.965517%; height: 19px;">)</td>
</tr>
<tr style="height: 19px;">
<td style="padding: 0px 0px 0px 5px; height: 19px; vertical-align: bottom; width: 60.9655%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">International</font></td>
<td style="height: 19px; padding: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; width: 0.965517%;" valign="bottom"><br></td>
<td style="height: 19px; padding: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; width: 0.965517%;" valign="bottom"><br></td>
<td style="text-align: right; height: 19px; padding: 0px; vertical-align: bottom; width: 10%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font>1,649,882</font></font><br></td>
<td style="height: 19px; padding: 0px; vertical-align: bottom; width: 0.965517%;" valign="bottom"><br></td>
<td style="height: 19px; padding: 0px; vertical-align: bottom; width: 0.965517%;" valign="bottom"><br></td>
<td style="height: 19px; padding: 0px; vertical-align: bottom; width: 0.965517%;" valign="bottom"><br></td>
<td style="text-align: right; height: 19px; padding: 0px; vertical-align: bottom; width: 10%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(<font>11,774,438</font></font></td>
<td style="height: 19px; padding: 0px; vertical-align: bottom; width: 0.965517%;" valign="bottom"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; width: 0.965517%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 19px; width: 0.965517%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; border-bottom: 1pt solid #000000; height: 19px; width: 10%;">(<font>7,883,195</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; width: 0.965517%;">)</td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="background-color: #cceeff; height: 17px; padding: 0px; vertical-align: bottom; width: 60.9655%;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Total</font></td>
<td style="background-color: #cceeff; height: 17px; padding: 0px; vertical-align: bottom; width: 0.965517%;" valign="bottom">$<br></td>
<td style="background-color: #cceeff; border-top: 1pt solid #000000; height: 17px; padding: 0px; vertical-align: bottom; width: 0.965517%;" valign="bottom"><br></td>
<td style="text-align: right; background-color: #cceeff; border-top: 1pt solid #000000; height: 17px; padding: 0px; vertical-align: bottom; width: 10%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(<font>173,097,378</font></font></td>
<td style="background-color: #cceeff; height: 17px; padding: 0px; vertical-align: bottom; width: 0.965517%;" valign="bottom"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times; font-weight: bold;">)</font></td>
<td style="background-color: #cceeff; height: 17px; padding: 0px; vertical-align: bottom; width: 0.965517%;" valign="bottom"><br></td>
<td style="background-color: #cceeff; border-top: 1pt solid #000000; height: 17px; padding: 0px; vertical-align: bottom; width: 0.965517%;" valign="bottom">$<br></td>
<td style="text-align: right; background-color: #cceeff; border-top: 1pt solid #000000; height: 17px; padding: 0px; vertical-align: bottom; width: 10%;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(<font>18,255,869</font></font></td>
<td style="background-color: #cceeff; height: 17px; padding: 0px; vertical-align: bottom; width: 0.965517%;" valign="bottom"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times; font-weight: bold;">)</font></td>
<td style="background-color: #cceeff; padding: 0px; vertical-align: bottom; height: 17px; width: 0.965517%;"><br></td>
<td style="background-color: #cceeff; font-weight: bold; padding: 0px; vertical-align: bottom; height: 17px; width: 0.965517%;">$<br></td>
<td style="background-color: #cceeff; padding: 0px; font-weight: bold; vertical-align: bottom; text-align: right; height: 17px; width: 10%;">(<font>9,625,942</font></td>
<td style="background-color: #cceeff; font-weight: bold; padding: 0px; vertical-align: bottom; height: 17px; width: 0.965517%;">)</td>
</tr>

</table>
</div>
</div>
<div>
<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><br></p>
<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US">Income taxes consisted of the following:</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><br></p>
<div>
<table style="width: 100%; margin: 0px; border-collapse: collapse; height: 160px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">

<tr style="height: 10px;">
<td style="padding: 0px; width: 39.9538%; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; width: 1.00077%; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br></td>
<td style="text-align: center; padding: 0px; width: 8.00616%; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"> United States </font></p>
</td>
<td style="text-align: center; padding: 0px; width: 1.4881%; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: center; padding: 0px; width: 1.00077%; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br></td>
<td style="text-align: center; padding: 0px; width: 8.00616%; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">State and local</font></td>
<td style="text-align: center; padding: 0px; width: 1.47929%; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: center; padding: 0px; width: 1.00077%; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br></td>
<td style="text-align: center; padding: 0px; width: 8.00616%; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Brazil</font></td>
<td style="text-align: center; padding: 0px; width: 1.47929%; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: center; padding: 0px; width: 1.00077%; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br></td>
<td style="text-align: center; padding: 0px; width: 8.00616%; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Total</font></td>
<td style="text-align: center; padding: 0px; width: 1.47929%; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: center; padding: 0px; width: 1.00077%; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br></td>
<td style="text-align: center; padding: 0px; width: 8.00616%; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Valuation allowance</font></td>
<td style="text-align: center; padding: 0px; width: 1.47929%; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: center; padding: 0px; width: 0.863313%; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br></td>
<td style="text-align: center; padding: 0px; width: 8.14362%; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Total</font></td>
<td style="padding: 0px; width: 1.47929%; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 39.9538%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>2022</font></font><br></td>
<td style="width: 1.00077%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="width: 8.00616%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="width: 1.4881%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="width: 1.00077%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="width: 8.00616%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="width: 1.47929%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="width: 1.00077%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="width: 8.00616%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="width: 1.47929%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="width: 1.00077%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="width: 8.00616%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="width: 1.47929%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="width: 1.00077%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="width: 8.00616%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="width: 1.47929%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="width: 0.863313%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="width: 8.14362%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="width: 1.47929%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
</tr>
<tr style="height: 19px;">
<td style="width: 39.9538%; padding: 0px 0px 0px 7px; height: 19px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Current</font></td>
<td style="width: 1.00077%; height: 19px; padding: 0px; vertical-align: bottom;" valign="bottom">$<br></td>
<td style="text-align: right; width: 8.00616%; height: 19px; padding: 0px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>-</font></font><br></td>
<td style="text-align: right; width: 1.4881%; height: 19px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 1.00077%; height: 19px; padding: 0px; vertical-align: bottom;" valign="bottom">$<br></td>
<td style="text-align: right; width: 8.00616%; height: 19px; padding: 0px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>-</font></font><br></td>
<td style="text-align: right; width: 1.47929%; height: 19px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 1.00077%; height: 19px; padding: 0px; vertical-align: bottom;" valign="bottom">$<br></td>
<td style="text-align: right; width: 8.00616%; height: 19px; padding: 0px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font style="border-left: none; border-right: none; line-height: inherit;"><font>932,980</font></font></font><br></td>
<td style="text-align: right; width: 1.47929%; height: 19px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 1.00077%; height: 19px; padding: 0px; vertical-align: bottom;" valign="bottom">$<br></td>
<td style="text-align: right; width: 8.00616%; height: 19px; padding: 0px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font style="border-left: none; border-right: none; line-height: inherit;"><font>932,980</font></font></font><br></td>
<td style="text-align: right; width: 1.47929%; height: 19px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 1.00077%; height: 19px; padding: 0px; vertical-align: bottom;" valign="bottom">$<br></td>
<td style="text-align: right; width: 8.00616%; height: 19px; padding: 0px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>-</font></font><br></td>
<td style="text-align: right; width: 1.47929%; height: 19px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 0.863313%; height: 19px; padding: 0px; vertical-align: bottom;" valign="bottom">$<br></td>
<td style="text-align: right; width: 8.14362%; height: 19px; padding: 0px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font style="border-left: none; border-right: none; line-height: inherit;"><font>932,980</font></font></font><br></td>
<td style="width: 1.47929%; height: 19px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="width: 39.9538%; padding: 0px 0px 0px 7px; height: 18px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Deferred</font></td>
<td style="width: 1.00077%; height: 18px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.00616%; height: 18px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">(<font style="border-left: none; border-right: none; line-height: inherit;"><font>25,625,749</font></font></font></td>
<td style="width: 1.4881%; height: 18px; padding: 0px; vertical-align: bottom; text-align: left; background-color: #cceeff;" valign="bottom"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">)</font></td>
<td style="text-align: right; width: 1.00077%; height: 18px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.00616%; height: 18px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font style="border-left: none; border-right: none; line-height: inherit;"><font>53,875,077</font></font></font></td>
<td style="width: 1.47929%; height: 18px; padding: 0px; vertical-align: bottom; text-align: left; background-color: #cceeff;" valign="bottom"></td>
<td style="text-align: right; width: 1.00077%; height: 18px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.00616%; height: 18px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">(<font style="border-left: none; border-right: none; line-height: inherit;"><font>277,414</font></font></font></td>
<td style="width: 1.47929%; height: 18px; padding: 0px; vertical-align: bottom; text-align: left; background-color: #cceeff;" valign="bottom"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">)</font></td>
<td style="text-align: right; width: 1.00077%; height: 18px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.00616%; height: 18px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font style="border-left: none; border-right: none; line-height: inherit;"><font>27,971,914</font></font></font></td>
<td style="width: 1.47929%; height: 18px; padding: 0px; vertical-align: bottom; text-align: left; background-color: #cceeff;" valign="bottom"></td>
<td style="text-align: right; width: 1.00077%; height: 18px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.00616%; height: 18px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font style="border-left: none; border-right: none; line-height: inherit;">(<font>27,971,914</font>)</font></font><br></td>
<td style="text-align: right; width: 1.47929%; height: 18px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="text-align: right; width: 0.863313%; height: 18px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.14362%; height: 18px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>-</font></font><br></td>
<td style="width: 1.47929%; height: 18px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 39.9538%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>2021</font></font><br></td>
<td style="width: 1.00077%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.00616%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 1.4881%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 1.00077%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.00616%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 1.47929%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 1.00077%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.00616%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 1.47929%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 1.00077%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.00616%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 1.47929%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 1.00077%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.00616%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 1.47929%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 0.863313%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.14362%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="width: 1.47929%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 39.9538%; height: 17px; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Current</font></td>
<td style="width: 1.00077%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.00616%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>-</font></font><br></td>
<td style="text-align: right; width: 1.4881%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="text-align: right; width: 1.00077%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.00616%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>-</font></font><br></td>
<td style="text-align: right; width: 1.47929%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="text-align: right; width: 1.00077%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.00616%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>-</font></font><br></td>
<td style="text-align: right; width: 1.47929%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="text-align: right; width: 1.00077%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.00616%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>-</font></font><br></td>
<td style="text-align: right; width: 1.47929%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="text-align: right; width: 1.00077%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.00616%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>-</font></font><br></td>
<td style="text-align: right; width: 1.47929%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="text-align: right; width: 0.863313%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.14362%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>-</font></font><br></td>
<td style="width: 1.47929%; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 39.9538%; height: 17px; padding: 0px 0px 0px 7px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Deferred</font></td>
<td style="width: 1.00077%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.00616%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">(<font style="border-left: none; border-right: none; line-height: inherit;"><font>309,318,015</font></font></font></td>
<td style="width: 1.4881%; height: 17px; padding: 0px; vertical-align: bottom; text-align: left;" valign="bottom"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">)</font></td>
<td style="text-align: right; width: 1.00077%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.00616%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">(<font style="border-left: none; border-right: none; line-height: inherit;"><font>85,682,832</font></font></font></td>
<td style="width: 1.47929%; height: 17px; padding: 0px; vertical-align: bottom; text-align: left;" valign="bottom"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">)</font></td>
<td style="text-align: right; width: 1.00077%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.00616%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">(<font style="border-left: none; border-right: none; line-height: inherit;"><font>3,929,123</font></font></font></td>
<td style="width: 1.47929%; height: 17px; padding: 0px; vertical-align: bottom; text-align: left;" valign="bottom"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">)</font></td>
<td style="text-align: right; width: 1.00077%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.00616%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">(<font style="border-left: none; border-right: none; line-height: inherit;"><font>398,929,970</font></font></font></td>
<td style="width: 1.47929%; height: 17px; padding: 0px; vertical-align: bottom; text-align: left;" valign="bottom"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">)</font></td>
<td style="text-align: right; width: 1.00077%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.00616%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font style="border-left: none; border-right: none; line-height: inherit;"><font>398,929,970</font></font></font><br></td>
<td style="text-align: right; width: 1.47929%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 0.863313%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="text-align: right; width: 8.14362%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>-</font></font><br></td>
<td style="width: 1.47929%; height: 17px; padding: 0px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="width: 39.9538%; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px; text-align: left; background-color: #cceeff;"><font><font>2020</font></font></td>
<td style="width: 1.00077%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="text-align: right; width: 8.00616%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="width: 1.4881%; padding: 0px; vertical-align: bottom; text-align: left; height: 15px; background-color: #cceeff;"><br></td>
<td style="text-align: right; width: 1.00077%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="text-align: right; width: 8.00616%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="width: 1.47929%; padding: 0px; vertical-align: bottom; text-align: left; height: 15px; background-color: #cceeff;"><br></td>
<td style="text-align: right; width: 1.00077%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="text-align: right; width: 8.00616%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="width: 1.47929%; padding: 0px; vertical-align: bottom; text-align: left; height: 15px; background-color: #cceeff;"><br></td>
<td style="text-align: right; width: 1.00077%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="text-align: right; width: 8.00616%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="width: 1.47929%; padding: 0px; vertical-align: bottom; text-align: left; height: 15px; background-color: #cceeff;"><br></td>
<td style="text-align: right; width: 1.00077%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="text-align: right; width: 8.00616%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="text-align: right; width: 1.47929%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="text-align: right; width: 0.863313%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="text-align: right; width: 8.14362%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="width: 1.47929%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="width: 39.9538%; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Current</font></td>
<td style="width: 1.00077%; padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="text-align: right; width: 8.00616%; padding: 0px; vertical-align: bottom; height: 15px;"><font>-</font><br></td>
<td style="width: 1.4881%; padding: 0px; vertical-align: bottom; text-align: left; height: 15px;"><br></td>
<td style="text-align: right; width: 1.00077%; padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="text-align: right; width: 8.00616%; padding: 0px; vertical-align: bottom; height: 15px;"><font>-</font><br></td>
<td style="width: 1.47929%; padding: 0px; vertical-align: bottom; text-align: left; height: 15px;"><br></td>
<td style="text-align: right; width: 1.00077%; padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="text-align: right; width: 8.00616%; padding: 0px; vertical-align: bottom; height: 15px;"><font>-</font><br></td>
<td style="width: 1.47929%; padding: 0px; vertical-align: bottom; text-align: left; height: 15px;"><br></td>
<td style="text-align: right; width: 1.00077%; padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="text-align: right; width: 8.00616%; padding: 0px; vertical-align: bottom; height: 15px;"><font>-</font><br></td>
<td style="width: 1.47929%; padding: 0px; vertical-align: bottom; text-align: left; height: 15px;"><br></td>
<td style="text-align: right; width: 1.00077%; padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="text-align: right; width: 8.00616%; padding: 0px; vertical-align: bottom; height: 15px;"><font>-</font><br></td>
<td style="text-align: right; width: 1.47929%; padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="text-align: right; width: 0.863313%; padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="text-align: right; width: 8.14362%; padding: 0px; vertical-align: bottom; height: 15px;"><font>-</font><br></td>
<td style="width: 1.47929%; padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="width: 39.9538%; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Deferred</font></td>
<td style="width: 1.00077%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">$<br></td>
<td style="text-align: right; width: 8.00616%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">(<font>374,301</font></td>
<td style="width: 1.4881%; padding: 0px; vertical-align: bottom; text-align: left; height: 15px; background-color: #cceeff;">)</td>
<td style="text-align: right; width: 1.00077%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">$<br></td>
<td style="text-align: right; width: 8.00616%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">(<font>87,114</font></td>
<td style="width: 1.47929%; padding: 0px; vertical-align: bottom; text-align: left; height: 15px; background-color: #cceeff;">)</td>
<td style="text-align: right; width: 1.00077%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">$<br></td>
<td style="text-align: right; width: 8.00616%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">(<font>2,680,556</font></td>
<td style="width: 1.47929%; padding: 0px; vertical-align: bottom; text-align: left; height: 15px; background-color: #cceeff;">)</td>
<td style="text-align: right; width: 1.00077%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">$<br></td>
<td style="text-align: right; width: 8.00616%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">(<font>3,141,971</font></td>
<td style="width: 1.47929%; padding: 0px; vertical-align: bottom; text-align: left; height: 15px; background-color: #cceeff;">)</td>
<td style="text-align: right; width: 1.00077%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">$<br></td>
<td style="text-align: right; width: 8.00616%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><font>3,141,971</font><br></td>
<td style="text-align: right; width: 1.47929%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="text-align: right; width: 0.863313%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">$<br></td>
<td style="text-align: right; width: 8.14362%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><font>-</font><br></td>
<td style="width: 1.47929%; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
</div>
<div>
<p style="margin: 0px; text-align: justify; text-indent: 0px; font-size: 10pt; font-family: 'Times New Roman', serif;"><br></p>
<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US">A reconciliation of the statutory U.S. federal tax rate and our effective tax rate is as follows:&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; font-size: 10pt; font-family: 'Times New Roman', serif;"><br></p>
<div>
<table style="width: 100%; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 185px; margin: 0px; text-indent: 0px;">

<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; margin: 0px; text-indent: 0px; width: 60.4323%;"><br></td>
<td style="text-align: center; border-bottom: 1pt solid #000000; height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 38.4871%;" colspan="11"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Year Ended <font>December 31,</font></font><br></td>
<td style="text-align: center; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; height: 17px; width: 1.4881%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 60.4323%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; border-bottom: 1pt solid #000000; padding: 0px; width: 0.997506%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; border-bottom: 1pt solid #000000; padding: 0px; width: 0.997506%;"><br></td>
<td style="text-align: center; height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; border-bottom: 1pt solid #000000; padding: 0px; width: 9.89194%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>2022</font></font><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 1.41313%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; border-bottom: 1pt solid #000000; padding: 0px; width: 0.997506%;"><br></td>
<td style="text-align: center; height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; border-bottom: 1pt solid #000000; padding: 0px; width: 9.89194%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>2021</font></font><br></td>
<td style="height: 17px; padding: 0px; width: 1.41313%;"><br></td>
<td style="padding: 0px; height: 17px; width: 0.997506%;"><br></td>
<td style="padding: 0px; height: 17px; border-bottom: 1pt solid #000000; width: 0.997506%;"><br></td>
<td style="padding: 0px; height: 17px; border-bottom: 1pt solid #000000; width: 9.89194%; text-align: center;"><font><font>2020</font></font><br></td>
<td style="padding: 0px; height: 17px; width: 1.4881%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 60.4323%; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Statutory U.S. federal tax rate&nbsp;</font></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%; background-color: #cceeff;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 9.89194%; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>21.00</font></font><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 1.41313%; background-color: #cceeff;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">%</font><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%; background-color: #cceeff;">
<p style="margin:0pt"><br></p>
</td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 9.89194%; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>21.00</font></font><br></td>
<td style="height: 17px; padding: 0px; width: 1.41313%; background-color: #cceeff;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">%</font><br></td>
<td style="padding: 0px; width: 0.997506%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; width: 0.997506%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; width: 9.89194%; height: 17px; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt;"><font>21.00</font><br></p>
</td>
<td style="padding: 0px; width: 1.4881%; height: 17px; background-color: #cceeff;">%</td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 60.4323%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">State and local</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&nbsp;&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">taxes</font></font></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%;"><br></td>
<td style="text-align: right; height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 9.89194%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">(<font>31.12</font></font><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 1.41313%;">)%</td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%;"><br></td>
<td style="text-align: right; height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 9.89194%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>5.50</font></font><br></td>
<td style="height: 17px; padding: 0px; width: 1.41313%;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">%</font><br></td>
<td style="padding: 0px; height: 17px; width: 0.997506%;"><br></td>
<td style="padding: 0px; height: 17px; width: 0.997506%;"><br></td>
<td style="padding: 0px; height: 17px; width: 9.89194%; text-align: right;"><font>5.00</font><br></td>
<td style="padding: 0px; height: 17px; width: 1.4881%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 60.4323%; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Reserves</font></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%; background-color: #cceeff;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 9.89194%; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>0.00</font></font><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 1.41313%; background-color: #cceeff;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">%</font><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%; background-color: #cceeff;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 9.89194%; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>0.00</font></font><br></td>
<td style="height: 17px; padding: 0px; width: 1.41313%; background-color: #cceeff;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">%</font><br></td>
<td style="padding: 0px; height: 17px; width: 0.997506%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 17px; width: 0.997506%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 17px; width: 9.89194%; text-align: right; background-color: #cceeff;"><font>0.00</font><br></td>
<td style="padding: 0px; height: 17px; width: 1.4881%; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
</tr>
<tr style="height: 17px;">
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; height: 17px; width: 60.4323%;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">Permanent differences</font></td>
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; height: 17px; width: 0.997506%;"><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; height: 17px; width: 0.997506%;"><br></td>
<td style="text-align: right; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; height: 17px; width: 9.89194%;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">(</font><font>13.71</font><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; height: 17px; width: 1.41313%;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">)%</font></td>
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; height: 17px; width: 0.997506%;"><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; height: 17px; width: 0.997506%;"><br></td>
<td style="text-align: right; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; height: 17px; width: 9.89194%;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">(</font><font>2.75</font><br></td>
<td style="padding: 0px; height: 17px; width: 1.41313%;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">)%</font></td>
<td style="padding: 0px; height: 17px; width: 0.997506%;"><br></td>
<td style="padding: 0px; height: 17px; width: 0.997506%;"><br></td>
<td style="padding: 0px; height: 17px; width: 9.89194%; text-align: right;"><font>0.00</font><br></td>
<td style="padding: 0px; height: 17px; width: 1.4881%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 60.4323%; height: 16px; background-color: #cceeff;">Foreign rate differential</td>
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%; height: 16px; background-color: #cceeff;"><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%; height: 16px; background-color: #cceeff;"><br></td>
<td style="text-align: right; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 9.89194%; height: 16px; background-color: #cceeff;">(<font>0.14</font></td>
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 1.41313%; height: 16px; background-color: #cceeff;">)%</td>
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%; height: 16px; background-color: #cceeff;"><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%; height: 16px; background-color: #cceeff;"><br></td>
<td style="text-align: right; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 9.89194%; height: 16px; background-color: #cceeff;"><font>8.23</font><br></td>
<td style="padding: 0px; width: 1.41313%; height: 16px; background-color: #cceeff;">%<br></td>
<td style="padding: 0px; width: 0.997506%; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; width: 0.997506%; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; width: 9.89194%; text-align: right; height: 16px; background-color: #cceeff;"><font>11.00</font><br></td>
<td style="padding: 0px; width: 1.4881%; height: 16px; background-color: #cceeff;">%<br></td>
</tr>
<tr style="height: 16px;">
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 60.4323%; height: 16px;">Intangibles</td>
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%; height: 16px;"><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%; height: 16px;"><br></td>
<td style="text-align: right; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 9.89194%; height: 16px;"><font>0.74</font><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 1.41313%; height: 16px;">%<br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%; height: 16px;"><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%; height: 16px;"><br></td>
<td style="text-align: right; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 9.89194%; height: 16px;">(<font>2,145.16</font><br></td>
<td style="padding: 0px; width: 1.41313%; height: 16px;">)%</td>
<td style="padding: 0px; width: 0.997506%; height: 16px;"><br></td>
<td style="padding: 0px; width: 0.997506%; height: 16px;"><br></td>
<td style="padding: 0px; width: 9.89194%; text-align: right; height: 16px;"><font>0.00</font><br></td>
<td style="padding: 0px; width: 1.4881%; height: 16px;">%<br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; height: 17px; width: 60.4323%; background-color: #cceeff;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">Other</font><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; height: 17px; width: 0.997506%; background-color: #cceeff;"><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; height: 17px; width: 0.997506%; background-color: #cceeff;"><br></td>
<td style="text-align: right; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; height: 17px; width: 9.89194%; background-color: #cceeff;"><font>6.54</font><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; height: 17px; width: 1.41313%; background-color: #cceeff;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">%</font><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; height: 17px; width: 0.997506%; background-color: #cceeff;"><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; height: 17px; width: 0.997506%; background-color: #cceeff;"><br></td>
<td style="text-align: right; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; height: 17px; width: 9.89194%; background-color: #cceeff;"><font>0.00</font><br></td>
<td style="padding: 0px; height: 17px; width: 1.41313%; background-color: #cceeff;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">%</font><br></td>
<td style="padding: 0px; height: 17px; width: 0.997506%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 17px; width: 0.997506%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 17px; width: 9.89194%; text-align: right; background-color: #cceeff;"><font>0.00</font><br></td>
<td style="padding: 0px; height: 17px; width: 1.4881%; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 60.4323%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Valuation allowance</font></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%;"><br></td>
<td style="text-align: right; height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 9.89194%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>16.16</font></font></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 1.41313%;">%</td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%;"><br></td>
<td style="text-align: right; height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 9.89194%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>2,113.18</font></font></td>
<td style="height: 17px; padding: 0px; width: 1.41313%;"></td>
<td style="padding: 0px; height: 17px; width: 0.997506%;"><br></td>
<td style="padding: 0px; height: 17px; border-bottom: 1pt solid #000000; width: 0.997506%;"><br></td>
<td style="padding: 0px; height: 17px; border-bottom: 1pt solid #000000; width: 9.89194%; text-align: right;">(<font>37.00</font></td>
<td style="padding: 0px; height: 17px; width: 1.4881%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)%</font><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 60.4323%; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Effective tax rate</font></td>
<td style="height: 17px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%; background-color: #cceeff;"><br></td>
<td style="height: 17px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 17px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 9.89194%; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">(<font>0.53</font></font></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 1.41313%; background-color: #cceeff;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; line-height: inherit;">)</font>%</font></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%; background-color: #cceeff;"><br></td>
<td style="height: 17px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 0.997506%; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 17px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; font-size: 10pt; font-family: 'Times New Roman; margin-left: 0.1px;'; padding: 0px; width: 9.89194%; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>0.00</font></font><br></td>
<td style="height: 17px; padding: 0px; width: 1.41313%; background-color: #cceeff;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">%</font><br></td>
<td style="padding: 0px; height: 17px; width: 0.997506%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 17px; width: 0.997506%; border-bottom: 1pt solid #000000; background-color: #cceeff;"><br></td>
<td style="padding: 0px; font-weight: bold; height: 17px; width: 9.89194%; border-bottom: 1pt solid #000000; text-align: right; background-color: #cceeff;"><font>0.00</font><br></td>
<td style="padding: 0px; height: 17px; width: 1.4881%; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
</tr>

</table>
</div>
</div>
<p style="margin: 0pt 0cm 0cm; text-align: justify; text-indent: 20pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><br></p>
<div>
<p style="margin: 0pt 0cm 0cm; text-align: justify; text-indent: 20pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US"><font style="line-height: inherit;">The tax effects of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities consisted of the following:</font></font></p>
<p style="margin: 0pt 0cm 0cm; text-align: justify; text-indent: 20pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><br></p>
<div>
<table style="width: 99.7566%; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 187px;">

<tr style="height: 17px;">
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; width: 60.9622%;"><br></td>
<td style="text-align: center; border-bottom: 1pt solid #000000; height: 17px; font-size: 10pt; font-family: 'Times New Roman'; width: 26.5785%;" colspan="8"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Year Ended <font>December 31,</font></font><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; width: 60.9622%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; border-bottom: 1pt solid #000000; width: 1.03093%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; border-bottom: 1pt solid #000000; width: 1.03093%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; text-align: center; border-bottom: 1pt solid #000000; width: 9.96564%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>2022</font></font><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.03093%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.03093%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; border-bottom: 1pt solid #000000; width: 1.03093%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; text-align: center; border-bottom: 1pt solid #000000; width: 9.96564%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>2021</font></font><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.49254%;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; width: 60.9622%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Deferred tax assets:</font></td>
<td style="height: 10px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; width: 1.03093%;"><br></td>
<td style="height: 10px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; width: 1.03093%;"><br></td>
<td style="height: 10px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; width: 9.96564%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="height: 10px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; width: 1.03093%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="height: 10px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; width: 1.03093%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="height: 10px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; width: 1.03093%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="height: 10px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; width: 9.96564%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="height: 10px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; width: 1.49254%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 11px;">
<td style="font-size: 10pt; font-family: 'Times New Roman'; height: 11px; width: 60.9622%;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">Intangibles</font></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; height: 11px; width: 1.03093%;">$<br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; height: 11px; width: 1.03093%;"><br></td>
<td style="text-align: right; font-size: 10pt; font-family: 'Times New Roman'; height: 11px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.96564%;"><font>329,958,033</font><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; height: 11px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; height: 11px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; height: 11px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;">$</td>
<td style="text-align: right; font-size: 10pt; font-family: 'Times New Roman'; height: 11px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.96564%;"><font>391,617,310</font><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; height: 11px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.49254%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; width: 60.9622%;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Net operating losses&nbsp;</font>carryforwards</font></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; width: 1.03093%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; width: 1.03093%;"><br></td>
<td style="height: 17px; text-align: right; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.96564%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>37,549,858</font></font><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="height: 17px; text-align: right; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.96564%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>14,614,700</font></font><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.49254%;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="font-size: 10pt; font-family: 'Times New Roman'; height: 10px; width: 60.9622%;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">Research and Experimental</font></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; height: 10px; width: 1.03093%;"><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; height: 10px; width: 1.03093%;"><br></td>
<td style="text-align: right; font-size: 10pt; font-family: 'Times New Roman'; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.96564%;"><font>12,523,243</font><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="text-align: right; font-size: 10pt; font-family: 'Times New Roman'; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.96564%;"><font>-</font><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.49254%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; width: 60.9622%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Federal R&amp;D Credit</font></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; width: 1.03093%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; width: 1.03093%;"><br></td>
<td style="height: 17px; text-align: right; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.96564%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font style="border-left: none; border-right: none;"><font>351,985</font></font></font><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="height: 17px; text-align: right; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.96564%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font style="line-height: inherit;"><font>351,985</font></font></font><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.49254%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="font-size: 10pt; font-family: 'Times New Roman'; height: 17px; width: 60.9622%;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">Accrued benefits</font></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; height: 17px; width: 1.03093%;"><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; height: 17px; width: 1.03093%;"><br></td>
<td style="text-align: right; font-size: 10pt; font-family: 'Times New Roman'; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.96564%;"><font>1,916,438</font><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="text-align: right; font-size: 10pt; font-family: 'Times New Roman'; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.96564%;"><font>64,178</font><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.49254%;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 10px;">
<td style="font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; height: 10px; width: 60.9622%;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">Other</font></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; height: 10px; width: 1.03093%;"><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; height: 10px; width: 1.03093%;"><br></td>
<td style="text-align: right; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.96564%;">(<font>301,857</font><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;">)</td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="text-align: right; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.96564%;"><font>-</font><br></td>
<td style="font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.49254%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; width: 60.9622%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Uncertain Tax Position - R&amp;D Reserve</font></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.03093%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; width: 1.03093%;"><br></td>
<td style="height: 17px; text-align: right; font-size: 10pt; font-family: 'Times New Roman'; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.96564%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">(<font style="border-left: none; border-right: none;"><font>70,397</font></font></font><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;">)</td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="height: 17px; text-align: right; font-size: 10pt; font-family: 'Times New Roman'; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.96564%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">(<font style="border-left: none; border-right: none;"><font>70,397</font></font></font></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.49254%;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; width: 60.9622%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Total deferred tax assets</font></td>
<td style="height: 17px; border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; width: 1.03093%;"><br></td>
<td style="height: 17px; border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; width: 1.03093%;"><br></td>
<td style="height: 17px; text-align: right; border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.96564%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>381,927,303</font></font><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="height: 17px; border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="height: 17px; text-align: right; border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.96564%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>406,577,776</font></font><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.49254%;"><br></td>
</tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="height: 10px; font-size: 10pt; font-family: 'Times New Roman'; margin: 0px; text-indent: 0px; width: 60.9622%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Less valuation allowance</font></td>
<td style="height: 10px; font-size: 10pt; font-family: 'Times New Roman'; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="height: 10px; font-size: 10pt; font-family: 'Times New Roman'; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="height: 10px; text-align: right; font-size: 10pt; font-family: 'Times New Roman'; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; width: 9.96564%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">(<font>381,927,303</font></font></td>
<td style="height: 10px; font-size: 10pt; font-family: 'Times New Roman'; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; width: 1.03093%;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times; font-weight: bold;">)</font></td>
<td style="height: 10px; font-size: 10pt; font-family: 'Times New Roman'; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; width: 1.03093%;"><br></td>
<td style="height: 10px; font-size: 10pt; font-family: 'Times New Roman'; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; width: 1.03093%;"><br></td>
<td style="height: 10px; text-align: right; font-size: 10pt; font-family: 'Times New Roman'; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; width: 9.96564%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">(<font>406,577,776</font></font></td>
<td style="height: 10px; font-size: 10pt; font-family: 'Times New Roman'; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; width: 1.49254%;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; width: 60.9622%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Net deferred tax assets</font></td>
<td style="height: 17px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; width: 1.03093%;">$<br></td>
<td style="height: 17px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; width: 1.03093%;"><br></td>
<td style="height: 17px; text-align: right; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.96564%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>-</font></font><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;"><br></td>
<td style="height: 17px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.03093%;">$<br></td>
<td style="height: 17px; text-align: right; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9.96564%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font>-</font></font><br></td>
<td style="height: 17px; font-size: 10pt; font-family: 'Times New Roman'; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1.49254%;"><br></td>
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<p style="margin: 0px; text-align: justify; text-indent: 0px; font-size: 12pt; font-family: 'Times New Roman', serif;"><br></p>
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<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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<td class="pgno" style="padding: 0px; text-align: center;"><font>F-<font>28</font></font></td>
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<p style="text-align: justify; text-indent: 22.5pt; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; margin: 0pt;"><br></p>
<p style="text-align: justify; text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2; margin: 0pt;"><font lang="EN-US">In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Eve considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is not more likely than not that the Company will realize the benefits of its deductible differences. The valuation allowance decreased $<font>24,650,473</font> during the year ended December 31, 2022, primarily due to <font style="font-size: 10pt; font-family: 'Times New Roman', serif;" lang="EN-US">the decrease of tax basis in the assets of the Company created in the Pre-Closing Restructuring.</font> <br></font></p>
<p style="text-align: justify; text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2; margin: 0pt;"><br></p>
<p style="text-align: justify; text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2; margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font lang="EN-US">Eve has no history of tax audits, nevertheless the Company believes it has provided adequate reserves for all tax deficiencies or reductions in tax benefits that could result from federal, state and foreign tax audits. Eve regularly assesses the likely outcomes of these audits in order to determine the appropriateness of Eve&#8217;s tax provision. The Company&#8217;s operating results and related tax positions are a component of either a legal entity and/or a larger group of entities that file tax returns. The Company has no unrecognized tax benefits as of December 31, 2022, and <font>2021</font>. Eve will recognize interest and penalties, if any, related to uncertain tax positions in income tax expenses. As of December 31, 2022, and <font>2021</font> <font style="border-left: none; border-right: none;">no</font> interest or penalties have been accrued due to uncertain tax positions.</font></font></p>
<p style="text-align: justify; text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2; margin: 0pt;"><br></p>
<p style="text-align: justify; text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2; margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font lang="EN-US">The net operating losses for <font>2022</font> and <font>2021</font> were generated mainly due to expenditures with R&amp;D projects of the UAM Business, administrative expenses to support the R&amp;D process, <font style="font-family: 'times new roman', times; font-size: 10pt;">and th<!--StartFragment --></font></font></font><font style="font-family: 'times new roman', times; font-size: 10pt;">e step-up amortization. </font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font lang="EN-US"><font style="font-family: 'times new roman', times; font-size: 10pt;"><!--EndFragment -->U</font>nder a separate tax return methodology, the $ <font>37,549,858</font> of net operating losses are deemed &#8220;hypothetical&#8221; losses of the UAM Business for purposes of these financial statements. This amount is comprised of $<font>28,971,135</font> in the US (for Federal and State taxes) and $<font>8,578,723</font> in Brazil. Net operating losses do not expire in both jurisdictions where Eve operates (i.e., United States of America and Brazil).<br></font></font></p>
<p style="text-align: justify; text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2; margin: 0pt;"><br></p>
<p style="text-align: justify; text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2; margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;" lang="EN-US">In preparation for the business combination with Zanite, later renamed Eve Holdings Inc., ERJ, EAH and <font style="color: #231f20; line-height: inherit;">Eve Sub</font> entered into a Contribution Agreement under which ERJ contributed the Urban Air Mobility business assets and liabilities into Eve Sub in exchange for Eve Sub&#8217;s units and subsequently contributed these units into EAH in exchange for preferred and common stock of EAH</font><font style="color: #000000; line-height: inherit;" lang="EN-US">. </font><font lang="EN-US">Since immediately after the contribution of the Eve Sub units into EAH, ERJ did not control more than <font>80</font>% of all classes of stock of EAH, the contribution of assets was treated as a taxable transaction which gave rise to a step-up in the value of such assets</font><font style="line-height: inherit;" lang="EN-US">.</font></font></p>
<p style="text-align: justify; text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2; margin: 0pt;"><br></p>
<p style="text-align: justify; text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2; margin: 0pt;"><font style="font-size: 10pt; color: windowtext; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US">The step-up of the assets was only recognized for US federal income tax purposes and will not be booked in the Company&#8217;s financial statements. Thus, a temporary difference exists and a deferred tax asset (<font style="line-height: inherit;" lang="EN-US">&#8220;</font>DTA<font style="line-height: inherit;" lang="EN-US">&#8221;</font>) was recognized.</font></p>
<p style="text-align: justify; text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2; margin: 0pt;"><br></p>
<p style="margin: 0pt; line-height: 1.2; font-size: 10pt; font-family: 'Calibri', sans-serif; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; color: windowtext; font-family: 'times new roman', times;" lang="EN-US">In order to deal with the effects of the step-up, EAH and the Company entered into a customary TRA</font><font style="font-size: 10pt; color: windowtext; font-family: 'times new roman', times;"><font lang="EN-US">, and </font><font lang="EN-US">a </font><font lang="EN-US">TSA. The TSA</font> <font lang="EN-US">generally applies if EAH and the Company are members of the </font></font><font lang="EN-US">same consolidated group, as defined under the Code. Under the Code, <font>two</font> corporations may form a consolidated tax group, and file a </font><font lang="EN-US">consolidated federal income tax return, if <font>one</font> corporation owns stock representing at least <font>80%</font> of the voting power and value of the </font><font style="font-size: 10pt; color: windowtext; font-family: 'times new roman', times;" lang="EN-US">outstanding capital stock of the other corporation. The TSA governs certain matters related to the resulting consolidated federal </font><font style="font-size: 10pt; color: windowtext; font-family: 'times new roman', times;" lang="EN-US">income tax returns, as well as state and local returns filed on a consolidated or combined basis. Generally, the consolidated group&#8217;s </font><font style="font-size: 10pt; color: windowtext; font-family: 'times new roman', times;" lang="EN-US">parent would be liable for the income taxes of the group members (including the Company), rather than the Company being required to </font><font style="font-size: 10pt; color: windowtext; font-family: 'times new roman', times;"><font lang="EN-US">pay such income taxes itself. </font><font lang="EN-US"><font>&nbsp;</font>For periods in which the Company has taxable income that contributes to and increases the overall tax liability of the consolidated group of which EAH or an affiliate is the common parent </font></font><font style="font-size: 10pt; color: windowtext; font-family: 'times new roman', times;" lang="EN-US">(the &#8220;EAH Consolidated Group&#8221;), the TSA requires the Company to make payments to EAH equal to the tax liability it would have </font><font style="font-size: 10pt; color: windowtext; font-family: 'times new roman', times;" lang="EN-US">had had it been outside of the consolidated group. For periods in which the Company&#8217;s inclusion in the EAH Consolidated Group </font><font style="font-size: 10pt; color: windowtext; font-family: 'times new roman', times;" lang="EN-US">decreases the tax liability of the EAH Consolidated Group, tax benefits generated by the Company that are realized by EAH will be recorded in an off-book register </font><font style="font-size: 10pt; color: windowtext; font-family: 'times new roman', times;" lang="EN-US">and will apply to offset future payments due from the Company to EAH under the TSA. If any tax benefits that have </font><font style="font-size: 10pt; color: windowtext; font-family: 'times new roman', times;" lang="EN-US">accumulated during the period in which the Company is a member of the EAH Consolidated Group have not been applied to offset </font><font style="font-size: 10pt; color: windowtext; font-family: 'times new roman', times;" lang="EN-US">payments under the TSA at the time the Company ceases to be a member of the EAH Consolidated Group, such uncompensated tax </font><font style="font-size: 10pt; color: windowtext; font-family: 'times new roman', times;" lang="EN-US">benefits can be used to offset amounts payable by the Company to EAH under the TRA. For purposes of determining the amount of </font><font style="font-size: 10pt; color: windowtext; font-family: 'times new roman', times;" lang="EN-US">payments required to be made by the Company pursuant to the foregoing, and for determining the extent to which tax benefits </font><font style="font-size: 10pt; color: windowtext; font-family: 'times new roman', times;"><font lang="EN-US">generated by the Company that are realized by the EAH Consolidated Group may offset future payments under the TSA or the TRA</font><font lang="EN-US">, </font></font><font style="font-size: 10pt; color: windowtext; font-family: 'times new roman', times;"><font lang="EN-US">the TSA will generally disregard <font>75</font>% of the tax benefits </font><font lang="EN-US">arising</font><font lang="EN-US"> from tax basis in the assets of the Company </font></font><font style="font-size: 10pt; color: windowtext; font-family: 'times new roman', times;"><font lang="EN-US">created in the Pre-Closing Restructuring</font><font lang="EN-US">, consistent with the agreed sharing percentages for such tax savings under the TRA if the Company were not a member </font>of </font><font style="font-size: 10pt; color: windowtext; font-family: 'times new roman', times;" lang="EN-US">the EAH Consolidated Group.</font></p>
<p style="text-align: justify; text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2; margin: 0pt;"><br></p>
<p style="text-align: justify; text-indent: 22.5pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2; margin: 0pt;"><font lang="EN-US">Since EAH beneficially owns, directly and indirectly, more than <font>80</font>% of the outstanding shares of Eve Holding common stock, EAH and Eve Holding are expected to be members of the same consolidated tax group. Under the TSA, EAH will benefit from the anticipated future tax losses generated by the Company but will only credit these amounts against future liabilities owed by the Company. Based on terms of the TSA, no tax benefits would accrue to the Company based on a pro forma calculation of the Company&#8217;s stand-alone tax return and therefore no benefit has been assumed in the consolidated financial information. As such, no pro forma adjustment related to the TSA is necessary. Once the Company begins to generate taxable profits, amounts owed by the Company to EAH under the TSA will be offset and reduced by prior losses generated by the Company for which EAH had received a benefit.</font></p>
<p style="text-align: justify; text-indent: 22.5pt; margin: 0pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><br></p>
<p style="text-align: justify; text-indent: 22.5pt; margin: 0pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">The Company concluded that these agreements do not have impacts to the audited consolidated financial statements as of December 31, 2022.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center; height: 17px; margin: 0px; text-indent: 0px;"><font>F-<font>29</font></font></td>
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<p style="text-align: justify; text-indent: 21.3pt; margin: 0px !important; line-height: 1.2;"><br></p>
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<p style="margin: 0cm 0cm 0.0001pt; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif; text-align: left;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><b><font style="color: #000000; line-height: inherit;"><font style="border-left: none; border-right: none; line-height: inherit;">18</font>.&nbsp;&nbsp;&nbsp;Earnings p<font style="line-height: inherit;">er share</font></font></b></font></p>
<p style="margin: 0cm 0cm 0.0001pt; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #000000; line-height: inherit;">&nbsp;</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000; line-height: inherit;" lang="EN-US">Basic and diluted earnings per common share are computed by dividing net income/(loss) for the period by the weighted average number of shares outstanding during the period, excluding share<font style="line-height: inherit;">s held in Treasury.&nbsp;&nbsp;</font></font></p>
<p style="margin: 0cm 0cm 0.0001pt; text-align: justify; text-indent: 20pt; line-height: 1.2; font-size: 10pt; font-family: Calibri, sans-serif;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #000000; line-height: inherit;">&nbsp;</font></font></p>
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<table style="height: 69px; width: 100%; border-collapse: collapse; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt; margin-left: 0.1px;" width="100%" cellspacing="0" cellpadding="0" border="0">

<tr style="height: 10px;">
<td style="padding: 0cm; height: 10px; text-align: center; vertical-align: bottom;" valign="bottom"></td>
<td style="padding: 0cm; text-align: center; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0cm; text-align: center; height: 10px; font-weight: bold; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" colspan="10" valign="bottom"><font style="border-left: medium none; border-right: medium none; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;">Year Ended <font>December 31,</font></font><br></td>
<td style="padding: 0cm; text-align: center; border-bottom-width: 1px; vertical-align: bottom; height: 10px;"><br></td>
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<td style="padding: 0cm; height: 12px; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px;" valign="bottom"></td>
<td style="padding: 0cm; height: 12px; text-align: center; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px;" valign="bottom"><br></td>
<td style="padding: 0cm; height: 12px; text-align: center; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; background-color: #ffffff; margin-left: 0.1px; border-bottom-color: #000000 !important;" colspan="2" valign="bottom"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;"><font>2022</font></font><br></td>
<td style="padding: 0cm; height: 12px; border-bottom-width: 1px; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px;" valign="bottom"><br></td>
<td style="padding: 0cm; height: 12px; border-bottom-width: 1px; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px;" valign="bottom"><br></td>
<td style="padding: 0cm; height: 12px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; background-color: #ffffff; margin-left: 0.1px; border-bottom-color: #000000 !important;" colspan="2" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 107%; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px;" align="center"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><b><font style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: inherit;"><font>2021</font></font></b></font></p>
</td>
<td style="padding: 0cm; height: 12px; border-bottom-width: 1px; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px;" valign="bottom"></td>
<td style="padding: 0cm; border-bottom-width: 1px; vertical-align: bottom; height: 12px; background-color: #ffffff; margin-left: 0.1px;"><br></td>
<td style="padding: 0cm; vertical-align: bottom; height: 12px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;"><br></td>
<td style="padding: 0cm; vertical-align: bottom; height: 12px; border-bottom: 1pt solid #000000; text-align: center; background-color: #ffffff; margin-left: 0.1px;"><font style="font-weight: bold;"><font style="border-left: medium none; border-right: medium none;">2020</font></font></td>
<td style="padding: 0cm; border-bottom-width: 1px; vertical-align: bottom; height: 12px; background-color: #ffffff; margin-left: 0.1px;"><br></td>
</tr>
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<td style="padding: 0cm; height: 12px; vertical-align: bottom; width: 61%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0cm 0cm 0.0001pt; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-family: 'times new roman', times; font-weight: bold; line-height: inherit; font-size: 10pt;"><b><font style="line-height: inherit;">Net loss&nbsp;</font></b></font></p>
</td>
<td style="padding: 0cm; height: 12px; vertical-align: bottom; width: 1%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0cm; height: 12px; vertical-align: bottom; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom"><font style="font-weight: bold; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;">$</font></td>
<td style="padding: 0cm; height: 12px; text-align: right; vertical-align: bottom; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom"><font style="border-left: none; border-right: none; font-weight: bold; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;">(<font>174,030,358</font></font></td>
<td style="padding: 0cm; height: 12px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 1%; background-color: #cceeff;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding: 0cm; height: 12px; vertical-align: bottom; border-bottom-width: 1px; width: 1%; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0cm; height: 12px; vertical-align: bottom; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</font></td>
<td style="padding: 0cm; height: 12px; vertical-align: bottom; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0cm 0cm 0.0001pt; text-align: right; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif;" align="right"><font style="font-family: 'times new roman', times; font-weight: bold; line-height: inherit; font-size: 10pt;"><b><font style="color: black; line-height: inherit;"><font style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: inherit;">(<font>18,255,869</font></font></font></b></font></p>
</td>
<td style="padding: 0cm; height: 12px; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 1%; background-color: #cceeff;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding: 0cm; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 1%; height: 12px; background-color: #cceeff;"><br></td>
<td style="padding: 0cm; vertical-align: bottom; font-weight: bold; width: 1%; height: 12px; border-bottom: 1pt solid #000000; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</font></td>
<td style="padding: 0cm; vertical-align: bottom; font-weight: bold; width: 10%; text-align: right; height: 12px; border-bottom: 1pt solid #000000; background-color: #cceeff;"><font style="font-weight: bold;">(<font>9,625,942</font></font></td>
<td style="padding: 0cm; vertical-align: bottom; border-bottom-width: 1px; font-weight: bold; width: 1%; height: 12px; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 13px;">
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; height: 13px; vertical-align: bottom;" valign="bottom"></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; height: 13px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; height: 13px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; height: 13px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; height: 13px; vertical-align: bottom; border-bottom-width: 1px;" valign="bottom"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; height: 13px; vertical-align: bottom; border-bottom-width: 1px;" valign="bottom"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; height: 13px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; height: 13px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; height: 13px; vertical-align: bottom; border-bottom-width: 1px;" valign="bottom"></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; vertical-align: bottom; border-bottom-width: 1px; height: 13px;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; vertical-align: bottom; border-bottom-width: 1px; height: 13px;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; vertical-align: bottom; border-bottom-width: 1px; text-align: right; height: 13px;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; vertical-align: bottom; border-bottom-width: 1px; height: 13px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0cm; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0cm 0cm 0.0001pt; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"> Net loss per share basic and diluted </font></p>
</td>
<td style="padding: 0cm; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0cm; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0cm; height: 10px; text-align: right; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt;">(</font><font>0.68</font></td>
<td style="padding: 0cm; height: 10px; border-bottom-width: 1px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding: 0cm; height: 10px; border-bottom-width: 1px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0cm; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding: 0cm; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0cm 0cm 0.0001pt; text-align: right; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif;" align="right"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">(<font>0.08</font></font></p>
</td>
<td style="padding: 0cm; height: 10px; border-bottom-width: 1px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding: 0cm; border-bottom-width: 1px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0cm; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; background-color: #cceeff;"><br></td>
<td style="padding: 0cm; vertical-align: bottom; text-align: right; height: 10px; border-bottom: 1pt solid #000000; background-color: #cceeff;">(<font>0.04</font>)</td>
<td style="padding: 0cm; border-bottom-width: 1px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 12px;">
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; height: 12px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0cm 0cm 0.0001pt; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"> Weighted-average number of shares outstanding - basic&nbsp;and diluted </font></p>
</td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; height: 12px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; height: 12px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; height: 12px; text-align: right; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><font>254,131,038</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; height: 12px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; height: 12px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; height: 12px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; height: 12px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0cm 0cm 0.0001pt; text-align: right; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif;" align="right"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <font>220,000,000</font> </font></p>
</td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; height: 12px; border-bottom-width: 1px; vertical-align: bottom;" valign="bottom"></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; border-bottom-width: 1px; vertical-align: bottom; height: 12px;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; vertical-align: bottom; height: 12px; border-bottom: 1pt solid #000000;"><br></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; vertical-align: bottom; text-align: right; height: 12px; border-bottom: 1pt solid #000000;"><font>220,000,000</font></td>
<td style="background-image: none; background-position: 0% 0%; background-size: initial; background-repeat: repeat; background-attachment: scroll; background-origin: initial; background-clip: initial; padding: 0cm; border-bottom-width: 1px; vertical-align: bottom; height: 12px;"><br></td>
</tr>

</table>
</div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px; font-family: 'Times New Roman';"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; color: black; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US">As of <font>December 31, 2021</font>, the Company does not have outstanding potential ordinary shares which can be converted in new shares, therefore, basic and diluted earnings per share are equivalent in the period as disclosed. As of <font style="border-left: medium none; border-right: medium none; line-height: inherit;">December 31, 2022, </font><font>57,840,248</font> warrants and RSUs were excluded from the weighted average number of shares, since their effect would have been anti-dilutive.&nbsp;</font></p>
<p style="margin: 0pt; font-size: 10pt; font-family: 'Calibri', sans-serif; line-height: 1.2; text-align: justify; text-indent: 22.5pt;"><br></p>
<div>
<p style="margin: 0pt; font-size: 10pt; font-family: 'Calibri', sans-serif; line-height: 1.2; text-align: justify; text-indent: 22.5pt;"><font style="font-size: 10pt; color: black; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">The following table presents the number of anti-dilutive shares excluded from the calculation of diluted net loss per share:</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><br></p>
<div>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; height: 90px; border-collapse: collapse;">

<tr style="height: 18px;">
<td style="height: 18px; width: 81.1487%;"><br></td>
<td style="text-align: center; vertical-align: bottom; height: 18px; width: 17.9054%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><font style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold; line-height: inherit;">Year Ended <font>December 31,</font></font></td>
<td style="height: 18px; width: 0.878378%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; width: 81.1487%;"><br></td>
<td style="text-align: center; vertical-align: bottom; height: 17px; width: 17.9054%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><font style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold; line-height: inherit;"><font>2022</font></font></td>
<td style="height: 17px; width: 0.878378%;"><br></td>
</tr>
<tr style="height: 11px; background-color: #cceeff;">
<td style="height: 11px; width: 81.1487%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Unvested restricted stock units</font></td>
<td style="text-align: right; height: 11px; border-bottom-width: 1px; width: 17.9054%; background-color: #cceeff;"><font>917,712</font></td>
<td style="height: 11px; width: 0.878378%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; width: 81.1487%;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Penny&nbsp;warrants&nbsp;subject to&nbsp;triggering&nbsp;events</font></td>
<td style="text-align: right; height: 17px; width: 17.9054%;"><font style="border-left: medium none; border-right: medium none; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;"><font>14,172,536</font></font></td>
<td style="height: 17px; width: 0.878378%;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 10px;">
<td style="width: 81.1487%; background-color: #cceeff; height: 10px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Warrants "out of the money"</font><br></td>
<td style="width: 17.9054%; background-color: #cceeff; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 10px;"><font style="border-left: medium none; border-right: medium none; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;"><font style="border-left: none; border-right: none; line-height: inherit;"><font>42,750,000</font></font></font><br></td>
<td style="width: 0.878378%; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; width: 81.1487%;"><font style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold; line-height: inherit;">Total</font></td>
<td style="text-align: right; height: 17px; font-weight: bold; width: 17.9054%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="border-left: medium none; border-right: medium none; line-height: inherit; font-family: 'times new roman', times; font-size: 10pt;"><font>57,840,248</font></font></td>
<td style="height: 17px; width: 0.878378%;"><br></td>
</tr>

</table>
</div>
</div>
</div>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;&nbsp;</font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">19.&nbsp; &nbsp; &nbsp;</font>Comprehensive&nbsp;</font><font style="font-weight: bold; line-height: inherit;">income&nbsp;</font></font></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br></p>
<div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">The accumulated balances for cash flow hedges in accumulated other comprehensive income/(loss) are as follows:&nbsp;&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px; font-family: 'Times New Roman';"><br></p>
<div style="border-left: none; border-right: none;">
<div>
<table style="height: 163px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 99.7808%; text-indent: 0px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 20px;">
<td style="padding: 0px; vertical-align: middle; height: 20px; margin: 0px; text-indent: 0px; width: 86.8565%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 20px; margin: 0px; text-indent: 0px; width: 0.985761%;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 20px; margin: 0px; text-indent: 0px; width: 10.9529%; border-bottom-width: 1px; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Cash flow hedges </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 20px; margin: 0px; text-indent: 0px; width: 1.09529%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 3px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 86.8565%; height: 16px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of <font>December 31, 2019</font></font></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 0.985761%; height: 16px; background-color: #cceeff;">$<br></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 10.9529%; border-bottom: 1px solid #000000; border-top: 0px solid #000000; height: 16px; background-color: #cceeff; text-align: right;"><font style="font-weight: bold;">(<font>574</font></font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: middle; width: 1.09529%; height: 16px; background-color: #cceeff;"><font style="font-weight: bold;">)</font></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 3px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 86.8565%; height: 16px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other comprehensive loss before reclassifications </font></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 0.985761%; height: 16px;"><br></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 10.9529%; height: 16px; text-align: right;">(<font style="border-left: none; border-right: none;"><font>10,750</font></font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 1.09529%; height: 16px;">)</td>
</tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding: 0px 0px 0px 3px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 86.8565%; background-color: #cceeff; height: 16px;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Amount <font style="line-height: inherit;">reclassified from AOCI </font></font></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 0.985761%; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 10.9529%; border-bottom: 1px solid #000000; border-top: 0px solid #000000; background-color: #cceeff; height: 16px; text-align: right;"><font>56,762</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: middle; width: 1.09529%; background-color: #cceeff; height: 16px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 86.8565%;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Balance as of <font>December 31, 2020</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.985761%;">$<br></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 10.9529%; border-bottom: 1px solid #000000; border-top: 0px solid #000000;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <font>45,438</font> </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; vertical-align: middle; width: 1.09529%;" valign="middle">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 3px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 86.8565%; height: 17px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other comprehensive loss before reclassifications </font></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 0.985761%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 10.9529%; height: 17px; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">(</font><font>67,659</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; width: 1.09529%; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 3px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 86.8565%; height: 17px;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Amount <font style="line-height: inherit;">reclassified from AOCI </font></font><br></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 0.985761%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 10.9529%; text-align: right; border-bottom: 1px solid #000000; height: 17px;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">(</font><font>10,005</font><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; width: 1.09529%; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 3px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; width: 86.8565%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Balance as of&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-left: none; border-right: none; line-height: inherit;"><font>December 31, 2021</font></font></font></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; width: 0.985761%; background-color: #cceeff;">$<br></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; text-align: right; height: 17px; font-weight: bold; width: 10.9529%; border-bottom: 1px solid #000000; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">(</font><font>32,226</font></td>
<td style="margin: 0px; text-indent: 0px; padding: 0px; vertical-align: bottom; height: 17px; width: 1.09529%; background-color: #cceeff;"><font style="font-weight: bold;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 3px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; width: 86.8565%;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="line-height: inherit;">Separation-related adjustment </font></font></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; width: 0.985761%;"><br></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 10.9529%; border-bottom: 1px solid #000000;"><font>32,226</font></td>
<td style="margin: 0px; text-indent: 0px; padding: 0px; vertical-align: bottom; height: 17px; width: 1.09529%;"></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 3px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 86.8565%; background-color: #cceeff;">
<p style="margin: 0px; text-align: left; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Balances as of&nbsp;<b><font style="color: black; line-height: inherit;" lang="EN-US"><font>December 31, 2022</font></font></b> <br></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 0.985761%; background-color: #cceeff;">$<br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.9529%; border-bottom: 1px solid #000000; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font>-</font></p>
</td>
<td style="height: 17px; vertical-align: middle; padding: 0px; margin: 0px; text-indent: 0px; width: 1.09529%; background-color: #cceeff;" valign="middle"></td>
</tr>

</table>
</div>
</div>
</div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px; font-family: 'Times New Roman';"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">The comprehensive income/(loss) amounts do not </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="font-family: 'times new roman', times; line-height: inherit;">have tax effects.</font>&nbsp; &nbsp;</font></p>
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<div style="border-left: none; border-right: none;">
<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
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<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font class="pageno" style="font-size: 10pt;">F-<font>30</font></font></td>
</tr>

</table>
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<p style="font-size: 10pt; line-height: 108%; margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
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<div style="border-left: none; border-right: none;">
<div>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; line-height: inherit;"><b><font style="font-size: 10pt; line-height: inherit;" lang="EN-US"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;">20.&nbsp; &nbsp;Commitments</font> &#8203;and&nbsp;Contingencies</font></font></font></font></b></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US">On August 2, 2021, Eve<font style="line-height: inherit;">&nbsp;</font>Solu&#231;&#245;es<font style="line-height: inherit;">&nbsp;</font>de<font style="line-height: inherit;">&nbsp;</font>Mobilidade<font style="line-height: inherit;">&nbsp;</font>A&#233;rea<font style="line-height: inherit;">&nbsp;</font>Urbana<font style="line-height: inherit;">&nbsp;</font>Ltda. signed an agreement with ERJ to lease <font>two</font> facilities, <font>one</font> in<font style="line-height: inherit;">&nbsp;</font>S&#227;o<font style="line-height: inherit;">&nbsp;</font>Jos&#233;<font style="line-height: inherit;">&nbsp;</font>dos Campos and other in<font style="line-height: inherit;">&nbsp;</font>Gavi&#227;o<font style="line-height: inherit;">&nbsp;</font>Peixoto, both in the S&#227;o&nbsp;Paulo state, in Brazil. </font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US">After assessing the terms of the agreement, Management concluded that the lease term has not commenced as of <font>December 31, 2022</font>. Thus, no assets or liabilities were recognized.&nbsp;&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0pt; text-align: justify; text-indent: 22.5pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;" lang="EN-US">Company also entered into the TRA and the TSA at the Closing. See more details in Note 17.&nbsp;</font><br></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;&nbsp;</font></p>
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</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="font-weight: bold; font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="border-left: none; border-right: none; line-height: inherit;">21</font>.&nbsp; &nbsp;Subsequent Events </font><br></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br></p>
<p style="margin: 0cm; text-align: justify; text-indent: 35.4pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On January 23, 2023, Eve Brazil <font lang="EN-US">entered into a loan agreement (the &#8220;Loan Agreement&#8221;) with BNDES, pursuant to which BNDES agreed to grant <font>two</font> lines of credit to Eve Brazil, with an aggregate amount of R$<font>490.00</font> million (approximately U.S.$<font>95.25</font> million), to support the first phase of the development of the Company&#8217;<font style="color: #000000; line-height: inherit;">s eVTOL project..&nbsp;</font></font></font></p>
<p style="margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;" lang="EN-US">&nbsp;</font></font></p>
<p style="margin: 0cm; text-align: justify; text-indent: 35.4pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><font><font lang="EN-US">The first line of credit, in the amount of R$<font>80.00</font> million (approximately U.S.$<font>15.55</font> million), will be granted in Brazilian reais by Fundo Nacional Sobre Mudan&#231;a Clim&#225;tica (&#8220;FNMC&#8221;), a BNDES fund that supports businesses focused on mitigating climate change and reducing carbon emissions, and will be subject to an interest rate of <font>4.55</font>% per year. The second line of credit, in the amount of R$<font>410.00</font> million (approximately U.S.$<font>79.70</font> million), will be granted in U.S. dollars, as adjusted on a daily basis by the U.S. dollar sale rate published by the Central Bank of Brazil <font style="margin: 0cm; text-align: justify; text-indent: 35.4pt; line-height: inherit;">as the (PTAX) rate</font>, and will be subject to an interest rate of <font>1.10</font>% per year plus a fixed rate to be published by BNDES every <font>15</font> days in accordance with the Loan Agreement. </font>Such credit lines shall be used by Eve Brazil <font style="border-left: none; border-right: none;"><font>within <font style="border-left: none; border-right: none;">36</font> months from the date of signing of the Loan Agreement (otherwise, BNDES may terminate the Loan Agreement) and any loans shall be paid by no later than February 15, 2035.</font></font> In addition, Eve Brazil shall pay a <font>one</font>-time R$<font>2.05</font> million (approximately U.S.$<font>400,000</font>) fee to BNDES, whether or not Eve Brazil ends up using any credit.</font></p>
<p style="margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0cm; text-align: justify; text-indent: 35.4pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">The Loan Agreement provides that the availability of such lines of credit is subject to BNDES&#8217;s rules and regulations and, in the case of the first line of credit, FNMC&#8217;s budget and, in the case of the second line of credit, BNDES&#8217;s financing program (which is subject to funding by the Conselho Monet&#225;rio Nacional, Brazil&#8217;s National Monetary Council). Additionally, the Loan Agreement provides that the borrowing of any amount under these lines of credit is subject to certain conditions, including, among others, the promulgation of a new law (which condition only applies to the first line of credit), the receipt by BNDES of a guarantee from an acceptable financial institution, absence of any facts that would have a material adverse effect on the economic or financial condition of Eve Brazil, and approval of the project by the applicable environmental entities.</font></p>
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<div style="font-family: 'times new roman', times; font-size: 10pt;">
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<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font>F-<font>31</font></font></td>
</tr>

</table>
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<div style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bkkjjpp_SR1SB1Y2HS00000000000000000000"><font style="display: inline; font-style: normal; font-weight: bold; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Item 9.</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; </font><font style="font-weight: bold; line-height: inherit;">Changes in and Disagreements </font><font style="font-weight: bold; line-height: inherit;">w</font><font style="font-weight: bold; line-height: inherit;">ith Accountants on Accounting and Financial Disclosure.</font></a></font></div>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">None.</font></font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<div style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bppiiuu_2CS0W4MQUO00000000000000000000"><font style="font-style: normal; font-weight: bold; line-height: inherit;">Item 9.A.</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-weight: bold; line-height: inherit;">Controls and Procedures.</font></a></font></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Management&#8217;s </font><font style="font-weight: bold; line-height: inherit;">Evaluation of Disclosure Control and Procedures</font></font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="background-color: #ffffff; margin: 0pt; line-height: 1.2; text-indent: 22.5pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company&#8217;s management is responsible for maintaining disclosure controls and procedures that are designed to provide reasonable assurance that material information required to be disclosed in our reports that we file or submit under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), is recorded, processed, summarized and reported within the time periods specified in the SEC&#8217;s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officers and principal financial officer, to allow timely decisions regarding required financial disclosure. Because of the inherent limitations, disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of disclosure controls and procedures are met.</font></p>
<p style="background-color: #ffffff; margin: 0pt; line-height: 1.2; text-indent: 22.5pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="background-color: #ffffff; margin: 0pt; line-height: 1.2; text-indent: 22.5pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Under the supervision and with the participation of our management, including our principal executive officers and principal financial officer, we evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Annual Report on Form 10-K. Based on this evaluation, our principal executive officers and principal financial officer have concluded that our disclosure controls and procedures were not effective as of December 31, 2022, due to material weaknesses in our internal control over financial reporting described below.</font></p>
<p style="background-color: #ffffff; margin: 0pt; line-height: 1.2; text-indent: 22.5pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="background-color: #ffffff; margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 22.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As a result, our management performed additional analysis as deemed necessary to ensure that our financial statements were prepared in accordance with generally accepted principles in the United States of America. Accordingly, management believes that the financial statements included in this Form 10-K present fairly, in all material respects, the Company&#8217;s financial position, results of operations, and cash flows of the periods presented.</font></p>
<p style="background-color: #ffffff; margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>
<p style="background-color: #ffffff; margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Management</font><font style="font-weight: bold; line-height: inherit;">&#8217;</font><font style="font-weight: bold; line-height: inherit;">s Report on Internal Control over Financial Reporting</font></font></p>
<p style="background-color: #ffffff; margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; line-height: 1.2; text-indent: 22.5pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As discussed elsewhere in this Annual Report on Form 10-K, we completed our business combination on May 9, 2022. </font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We are engaged in the process of the design and implementation of our internal control over financial reporting in a manner commensurate with the scale of our operations subsequent to the business combination, including the enhancement of our internal and external technical accounting resources (as well as to address the material weaknesses discussed below). However, the design of internal control over financial reporting for our company post-business combination has required and will continue to require significant time and resources from management and other personnel. As a result, management was unable, without incurring unreasonable effort or expense, to conduct an assessment of our internal control over financial reporting as of December 31, 2022. Accordingly, this Annual Report on Form 10-K does not include management&#8217;s report on internal control over financial reporting, pursuant to Section 215.02 of the SEC Division of Corporation Finance&#8217;s Regulation S-K Compliance &amp; Disclosure Interpretations.</font></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
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<td class="pgno" style="padding: 0px; text-align: center; margin: 0px; text-indent: 0px;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>80</font></font></td>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="text-align: justify; line-height: 1.2; margin: 0cm 0cm 0.0001pt; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><font style="line-height: inherit;" lang="EN-US">Material Weaknesses</font></b></font></p>
<p style="margin: 0cm 0cm 0.0001pt; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">&nbsp;</font></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 1.2; background: white; margin: 0cm 0cm 0.0001pt; font-size: 10pt;"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company&#8217;s annual or interim financial statements will not be prevented or detected on a timely basis.</font></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 1.2; background: white; margin: 0cm 0cm 0.0001pt; font-size: 10pt;"><font style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">&nbsp;</font></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 1.2; background: white; margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', 'serif';"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">As previously disclosed in Part I, Item 4 of our Quarterly Report on Form 10-Q for the period ended September 30, 2022, we have identified material weaknesses in our internal control over financial reporting. In particular: </font></p>
<p style="text-align: justify; text-indent: 22.5pt; line-height: 1.2; background: white; margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', 'serif';"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" lang="EN-US">&nbsp;</font></p>
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<td style="width: 4%; height: 20px;"><br></td>
<td style="width: 2.59295%; height: 20px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#8226;</font></td>
<td style="width: 93.4071%; height: 20px; text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">We did not design and maintain effective controls to timely analyze, account for and disclose non-routine, unusual or complex transactions, as well as accrued expenses, share-based payments, and properly disclose certain financial presentation matters.</font></td>
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<td style="height: 17px; vertical-align: top; width: 2.59295%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#8226;</font></td>
<td style="height: 17px; width: 93.4071%;">We did not design and implement an effective risk assessment,&nbsp;information and&nbsp;communication processes.<br></td>
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<td style="width: 4%; height: 17px;"><br></td>
<td style="vertical-align: top; width: 2.59295%; height: 17px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#8226;</font></td>
<td style="text-align: justify; width: 93.4071%; height: 17px;"><font style="font-size: 10.0pt; color: black;" lang="EN-US"><font style="height: 17px; width: 93.4071%;;color: black;"><font dir="ltr">We do not have sufficient personnel with qualifications and experience within our control environment to address complex accounting matters.</font></font></font></td>
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<p style="margin: 0cm 0cm 0.0001pt 58.5pt; text-align: justify; line-height: 1.2; background: white; font-size: 11pt; font-family: Calibri, 'sans-serif';"><font style="font-family: 'times new roman', times; font-size: 10pt; text-align: justify; text-indent: 22.5pt; line-height: inherit; margin: 0cm 0cm 0.0001pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; background: white; line-height: inherit;" lang="EN-US"><br></font></font></p>
<p style="margin: 0cm 0cm 0.0001pt; text-align: justify; line-height: 1.2; background: none 0% 0% repeat scroll white; font-size: 11pt; font-family: Calibri, 'sans-serif'; text-indent: 22.5pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; background: white; line-height: inherit;"><font style="line-height: inherit;" lang="EN-US">Because there is a reasonable possibility that a material misstatement in the consolidated financial statements will not be prevented or detected on a timely basis, management concluded these deficiencies represent material weaknesses in our internal control over financial reporting.</font><font style="line-height: inherit;" lang="EN-US"></font></font></p>
<p style="margin: 0cm 0cm 0.0001pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2; text-indent: 22.5pt;"><font style="font-size: 10pt; font-family: 'times new roman', times; background: white; line-height: inherit;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit;"><font class='pageno'>81</font></font></td>
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<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Management&#8217;s Remediation Plan</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font style="line-height: inherit;" dir="ltr">Our management is actively engaged and committed to taking the steps necessary to remediate the control deficiencies that constituted the material weaknesses. In order to address the material weaknesses in internal control over financial reporting described above, management, with direction from the Audit Committee, is in the process of developing and implementing remediation plans to address the control deficiencies that led to these material weaknesses, including the following actions that were taken in 2022:</font></font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>
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<td style="width: 3%; height: 24px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#8226;</font></td>
<td style="width: 93%; height: 24px; vertical-align: top; text-align: justify;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We engaged outside consultants to assist in the design, implementation, documentation, and remediation of internal controls that address the relevant risks, and to assist us in the evaluation of our relevant accounting and operating systems, to enable us to improve our processes and controls over financial reporting.</font></td>
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<td style="height: 10px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#8226;</font></td>
<td style="height: 10px; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We engaged an outside firm to assist management with the accounting and disclosure of complex accounting transactions that occur during the year.</font></td>
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<td style="height: 17px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#8226;</font></td>
<td style="height: 17px; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We have identified the root cause of the deficiencies and the related relevant controls to be designed and implemented to timely detect and prevent material errors <font style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000;" lang="EN-US">or omitted disclosures.</font> <br></font></td>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our remediation activities are continuing during 2023. In addition to the above actions, we expect to both continue with the actions above and engage in additional activities, including, but not limited to:</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>
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<td style="width: 4%; height: 28px;"><br></td>
<td style="width: 3%; height: 28px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#8226;</font></td>
<td style="width: 93%; height: 28px; vertical-align: top; text-align: justify;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Management will continue to evaluate and hire additional resources within our accounting and financial reporting and internal control functions with the appropriate experience, certifications, education and training for key financial reporting and accounting positions.</font></td>
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<td style="height: 16px;"><br></td>
<td style="height: 16px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#8226;</font></td>
<td style="height: 16px; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We plan to provide training to our personnel performing internal control functions in order to enhance their level of understanding over the appropriate design, implementation and effectiveness of controls.</font></td>
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<td style="height: 17px;"><br></td>
<td style="height: 17px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#8226;</font></td>
<td style="height: 17px; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We will define a risk assessment methodology and conduct a risk assessment, to enhance overall compliance.</font></td>
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<td><br></td>
<td style="vertical-align: top;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#8226;</font></td>
<td style="vertical-align: top;"><font style="font-size: 10.0pt; color: black;" lang="EN-US">Management will </font><font style="font-size: 10.0pt;" lang="EN-US">implement controls to ensure timely communication within the relevant areas of the Company to identify events and/or transactions that may impact the Company&#8217;s financial reporting.</font></td>
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<p style="background-color: #ffffff; margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="background-color: #ffffff; margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Management believes these enhancements, once implemented, will reduce the risk of a material misstatement resulting from the material weaknesses described above. However, it will require a period of time to determine the operating effectiveness of any newly implemented internal controls.</font></p>
<p style="background-color: #ffffff; margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Changes in Internal Control over Financial Reporting</font></p>
<p style="background-color: #ffffff; margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 22.5pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Except as described above, there was no change in our internal control over financial reporting that occurred during the fourth quarter ended December 31, 2022, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-indent: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Report of Independent Registered Public Accounting Firm</font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 22.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; line-height: inherit;">Because we are an emerging growth company, this Annual Report on Form 10-K does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting.</font></p>
<p style="margin: 0px; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; line-height: inherit;"><br></font></p>
<div style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1.2;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bgghhtt_JH774DOF4G00000000000000000000"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">Item 9.B.</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Other Information.</font></a></div>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">None.</font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<div style="margin: 0px; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0px;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bffddrr_AXF4FRMCWW00000000000000000000"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Item 9.C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure Regarding Foreign Jurisdictions that Prevent Inspection.</font></a></div>
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<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Not Applicable.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt;"><font class='pageno'>82</font></font></td>
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<div style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1.2;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Byyttrr_XDCQSQW9RK00000000000000000000"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: bold; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Item 10.</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman';">&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Directors, Executive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Officers</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> and Corporate Governance</font></a></div>
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<p style="background-color: #ffffff; margin: 0pt; text-indent: 22.5pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Information relating to our directors, executive officers and corporate governance will be included</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> under the heading</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Proposal 1 &#8211; Election of Directors,</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;Information About Our Executive Officers,&#8221; &#8220;General Information About the Board of Directors&#8221; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the proxy statement for the 2023 annual meeting of the Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s stockholders (</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2023 Proxy Statement</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), which is expected to be filed within 120 days of our fiscal year end, and is incorporated herein by reference.</font></p>
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<div style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1.2;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bwweerr_FKMCMD6DXC00000000000000000000"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: bold; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Item 11.</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman';">&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Executive Compensation</font></a></div>
<p style="background-color: #ffffff; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="background-color: #ffffff; margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Information relating to the compensation of our executive officers and directors will be included</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> under the heading</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;Executive </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Compensation Discussion</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and &#8220;Director Compensation&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> in the 2023 Proxy Statement,</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> which is expected to be filed within 120 days of our fiscal year </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">end, and</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> is incorporated herein by reference.</font></p>
<p style="background-color: #ffffff; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<div style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1.2;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Brrccvv_G7GI5S83C000000000000000000000"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: bold; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Item 12.</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman';">&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</font></a></div>
<p style="background-color: #ffffff; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="background-color: #ffffff; margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Information relating to the ownership of our securities by certain beneficial owners and our management and related stockholder matters </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will be included under the heading, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Principal Stockholders</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> in the 2023 Proxy Statement, which is expected to be filed within 120 days of our fiscal year </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; margin: 0pt; text-align: justify; text-indent: 22.5pt;">end,<font style="font-family: 'Times New Roman'; font-size: 10pt; background-color: #ffffff; line-height: inherit;"> and</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; background-color: #ffffff; line-height: inherit;"> is incorporated herein by reference.&nbsp;</font></p>
<p style="background-color: #ffffff; margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; background-color: #ffffff; line-height: inherit;">&nbsp;</font></p>
<p style="background-color: #ffffff; margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Buuiioo_MND1C25DW000000000000000000000"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: bold; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Item 13.</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman';">&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Certain Relationships and Related Transactions, and Director Independence</font></a></p>
<p style="background-color: #ffffff; margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="background-color: #ffffff; margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Information relating to related party transactions and director independence </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will be included under the heading, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Certain Relationships and Related Person Transactions</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221; and &#8220;Director Independence&#8221;</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the 2023 Proxy Statement, which is expected to be filed within 120 days of our fiscal year </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">end, and</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> is incorporated herein by reference</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</font></p>
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<div style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1.2;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Booppkk_K0Y3YH2MCW00000000000000000000"><font style="display: inline; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: bold; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Item 14.</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman';">&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Principal Accountant Fees and Services</font></a></div>
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<p style="background-color: #ffffff; margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Information relating to the principal accounting services provided to the Company and the fees for such services </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will be included under the heading, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Fees Billed by the Principal Accountant</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> in the 2023 Proxy Statement, which is expected to be filed within 120 days of our fiscal year </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">end, and</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> is incorporated herein by referenc</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">e.</font></p>
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<div style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bsseeww_Y2SYR45H5S00000000000000000000"><font style="display: inline; font-style: normal; font-weight: bold; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Item 15.</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; </font><font style="font-weight: bold; line-height: inherit;">Exhibits, Financial Statement Schedules.</font></a></font></div>
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<p style="margin: 0pt; text-indent: 22.5pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold; line-height: inherit;"><font style="font-style: normal; line-height: inherit;">(a)</font><font style="font-style: normal; font-variant: normal; font-stretch: normal; line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">The following documents are filed as part of this Annual Report on Form 10-K: Financial Statements: See </font><font style="line-height: inherit;">&#8220;</font><font style="line-height: inherit;">Item 8. Index to Financial Statements and Supplementary Data</font><font style="line-height: inherit;">&#8221;</font><font style="line-height: inherit;"> herein.</font></font></p>
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<p style="margin: 0pt; text-indent: 22.5pt; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold; line-height: inherit;"><font style="font-style: normal; line-height: inherit;">(b)</font><font style="font-style: normal; font-variant: normal; font-stretch: normal; line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Exhibits: The exhibits listed in the accompanying index to exhibits are filed or incorporated by reference as part of this Annual Report on Form 10-K.</font></font></p>
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</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;" colspan="10">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Incorporated by reference</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 30px;" rowspan="2">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" colspan="2" rowspan="2">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Filed or</font><br><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Furnished</font><br><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Herewith</font></p>
</td>
<td style="vertical-align: bottom; height: 30px;" rowspan="2">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="vertical-align: bottom; height: 13px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Exhibit</font></p>
<p style="margin: 0pt 0pt 1pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">No.</font></p>
</td>
<td style="vertical-align: bottom; height: 13px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 13px;">
<p style="margin: 0pt 0pt 1pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Description</font></p>
</td>
<td style="vertical-align: bottom; height: 13px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 13px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Form</font></p>
</td>
<td style="vertical-align: bottom; height: 13px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 13px;" colspan="2">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">File No.</font></p>
</td>
<td style="vertical-align: bottom; height: 13px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 13px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 13px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Exhibit No.</font></p>
</td>
<td style="vertical-align: bottom; height: 13px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 13px;" colspan="2">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Filing Date</font></p>
</td>
<td style="vertical-align: bottom; height: 13px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;" colspan="2">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;" colspan="2">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;" colspan="4">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;" colspan="2">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;" colspan="4">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;" colspan="4">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 30px;">
<td style="vertical-align: top; height: 30px; padding: 0px 0px 6px; width: 7%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2.1&#8224;**</font></p>
</td>
<td style="vertical-align: bottom; height: 30px; padding: 0px 0px 6px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 30px; padding: 0px 0px 6px; width: 45%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522103837/d279516ddefm14a.htm#rom279516_36"><font style="color: #0000ee; text-decoration: underline;">Business Combination Agreement, dated as of December 21, 2021, by and among Zanite Acquisition Corp., Embraer S.A., EVE UAM, LLC and Embraer Aircraft Holding, Inc. </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 30px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 30px; width: 7%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">DEFM14A</font></p>
</td>
<td style="vertical-align: bottom; height: 30px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 30px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 30px; width: 7%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 30px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 30px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 30px; width: 7%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Annex A</font></p>
</td>
<td style="vertical-align: bottom; height: 30px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 30px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 30px; width: 10%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">April 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 30px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 30px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 30px; width: 3%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 30px; width: 3%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 30px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3.1**</font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522150258/d337083dex31.htm"><font style="color: #0000ee; text-decoration: underline;">Second Amended and Restated Certificate of Incorporation of Eve Holding, Inc., dated as of May 9, 2022. </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8-K</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3.1</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">May 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3.2**</font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522150258/d337083dex32.htm"><font style="color: #0000ee; text-decoration: underline;">Amended and Restated Bylaws of Eve Holding, Inc., dated as of May 9, 2022. </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8-K</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3.2</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">May 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4.1**</font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522150258/d337083dex41.htm"><font style="color: #0000ee; text-decoration: underline;">Specimen Common Stock Certificate of Eve Holding, Inc. </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8-K</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4.1</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">May 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 25px;">
<td style="vertical-align: top; height: 25px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4.2**</font></p>
</td>
<td style="vertical-align: bottom; height: 25px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 25px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312520298111/d98140dex41.htm"><font style="color: #0000ee; text-decoration: underline;">Warrant Agreement, dated as of November 16, 2020, by and between Zanite Acquisition Corp. and Continental Stock Transfer &amp; Trust Company. </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 25px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 25px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8-K</font></p>
</td>
<td style="vertical-align: bottom; height: 25px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 25px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 25px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 25px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 25px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 25px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4.1</font></p>
</td>
<td style="vertical-align: bottom; height: 25px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 25px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 25px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">November 19, 2020</font></p>
</td>
<td style="vertical-align: top; height: 25px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 25px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 25px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 25px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 25px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">4.3</font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000155485523000339/ex43_1.htm"><font style="color: #0000ee; font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline;">Description of Securities.</font></a></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;"><br></td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><br></p>
</td>
</tr>
<tr style="height: 23px;">
<td style="vertical-align: top; height: 23px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">10.1&#8224;**</font></p>
</td>
<td style="vertical-align: bottom; height: 23px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 23px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522150258/d337083dex101.htm"><font style="color: #0000ee; text-decoration: underline;">Amended and Restated Registration Rights Agreement dated as of May 9, 2022, by and among Embraer Aircraft Holding, Inc., Zanite Sponsor LLC and certain other parties thereto. </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 23px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 23px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8-K</font></p>
</td>
<td style="vertical-align: bottom; height: 23px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 23px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 23px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 23px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 23px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 23px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.1</font></p>
</td>
<td style="vertical-align: bottom; height: 23px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 23px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 23px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">May 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 23px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 23px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 23px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 23px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 23px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 11px;">
<td style="vertical-align: top; height: 11px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">10.2&#8224;**</font></p>
</td>
<td style="vertical-align: bottom; height: 11px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 11px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522150258/d337083dex102.htm"><font style="color: #0000ee; text-decoration: underline;">Stockholders Agreement, dated as of May 9, 2022, by and among Eve Holding, Inc., Embraer Aircraft Holding, Inc. and Zanite Sponsor LLC. </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 11px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 11px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8-K</font></p>
</td>
<td style="vertical-align: bottom; height: 11px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 11px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 11px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 11px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 11px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 11px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.2</font></p>
</td>
<td style="vertical-align: bottom; height: 11px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 11px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 11px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">May 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 11px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 11px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 11px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 11px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 11px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="vertical-align: top; height: 16px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.3**</font></p>
</td>
<td style="vertical-align: bottom; height: 16px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 16px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522150258/d337083dex103.htm"><font style="color: #0000ee; text-decoration: underline;">Tax Receivable Agreement, dated as of May 9, 2022, by and among Eve Holding, Inc. and Embraer Aircraft Holding, Inc. </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8-K</font></p>
</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.3</font></p>
</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">May 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.4**</font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522150258/d337083dex104.htm"><font style="color: #0000ee; font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline;">Tax Sharing Agreement, dated as of May 9, 2022, by and among Eve Holding, Inc. and Embraer Aircraft Holding, Inc.</font></a></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8-K</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.4</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">May 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.5**</font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522103837/d279516ddefm14a.htm#rom279516_47"><font style="color: #0000ee; font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline;">Form of Indemnification Agreement.</font></a></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">DEFM14A</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Annex L</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">April 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.6#**</font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522103837/d279516ddefm14a.htm#rom279516_46"><font style="color: #0000ee; text-decoration: underline;">Eve Holding, Inc. 2022 Stock Incentive Plan. </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">DEFM14A</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Annex K</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">April 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.7&#8224;**</font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522103837/d279516ddefm14a.htm#rom279516_42"><font style="color: #0000ee; text-decoration: underline;">Master Services Agreement, dated as of December 14, 2021, by and between Embraer S.A. and EVE UAM, LLC. </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">DEFM14A</font></p>
<p style="margin: 0pt; text-align: center;"><br></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Annex G</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">April 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">10.8&#8224;**</font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522103837/d279516ddefm14a.htm#rom279516_43"><font style="color: #0000ee; text-decoration: underline;">Master Services Agreement, dated as of December 14, 2021, by and between Atech Neg&#243;cios em Tecnologias S.A. and EVE UAM, LLC. </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">DEFM14A</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Annex H</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">April 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="vertical-align: top; height: 16px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">10.9&#8224;**</font></p>
</td>
<td style="vertical-align: bottom; height: 16px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 16px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522103837/d279516ddefm14a.htm#rom279516_44"><font style="color: #0000ee; text-decoration: underline;">Services Agreement, dated as of December 14, 2021, by and between EVE Solu&#231;&#245;es de Mobilidade A&#233;rea Urbana Ltda. and EVE UAM, LLC. </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">DEFM14A</font></p>
</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Annex I</font></p>
</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">April 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">10.10&#8224;**</font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522103837/d279516ddefm14a.htm#rom279516_48"><font style="color: #0000ee; text-decoration: underline;">Database Limited Access Agreement, dated as of December 14, 2021, by and between EVE Solu&#231;&#245;es de Mobilidade A&#233;rea Urbana Ltda. and EVE UAM, LLC. </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">DEFM14A</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Annex M</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">April 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>

</table>
<div><br></div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt;"><font class='pageno'>84</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br></div>
</div>
</div>
<h5 style="margin: 0pt;"><br></h5>
<table style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 398px; text-indent: 0px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 17px;">
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;" colspan="10">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Incorporated by reference</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 52px;" rowspan="2">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 52px;" colspan="2" rowspan="2">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Filed or</font><br><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Furnished</font><br><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Herewith</font></p>
</td>
<td style="vertical-align: bottom; height: 52px;" rowspan="2">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 35px;">
<td style="vertical-align: bottom; height: 35px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Exhibit</font></p>
<p style="margin: 0pt 0pt 1pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">No.</font></p>
</td>
<td style="vertical-align: bottom; height: 35px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 35px;">
<p style="margin: 0pt 0pt 1pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Description</font></p>
</td>
<td style="vertical-align: bottom; height: 35px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 35px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Form</font></p>
</td>
<td style="vertical-align: bottom; height: 35px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 35px;" colspan="2">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">File No.</font></p>
</td>
<td style="vertical-align: bottom; height: 35px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 35px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 35px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Exhibit No.</font></p>
</td>
<td style="vertical-align: bottom; height: 35px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 35px;" colspan="2">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Filing Date</font></p>
</td>
<td style="vertical-align: bottom; height: 35px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;" colspan="2">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;" colspan="2">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;" colspan="4">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;" colspan="2">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;" colspan="4">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;" colspan="4">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 34px;">
<td style="vertical-align: top; height: 34px; padding: 0px 0px 6px; width: 7%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;">10.11&#8224;**</font></p>
</td>
<td style="vertical-align: bottom; height: 34px; padding: 0px 0px 6px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px; padding: 0px 0px 6px; width: 45%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522103837/d279516ddefm14a.htm#rom279516_49"><font style="color: #0000ee; text-decoration: underline;">Shared Services Agreement, dated as of December 14, 2021, by and among Embraer S.A., Embraer Aircraft Holding, Inc., EVE Solu&#231;&#245;es de Mobilidade A&#233;rea Urbana Ltda. and EVE UAM, LLC. </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 34px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px; width: 7%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">DEFM14A</font></p>
</td>
<td style="vertical-align: bottom; height: 34px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px; width: 7%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 34px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 34px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px; width: 7%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Annex N</font></p>
</td>
<td style="vertical-align: bottom; height: 34px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px; width: 10%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">April 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 34px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 34px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px; width: 3%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px; width: 3%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px; width: 1%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 34px;">
<td style="vertical-align: top; height: 34px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;">10.12&#8224;**</font></p>
</td>
<td style="vertical-align: bottom; height: 34px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522103837/d279516ddefm14a.htm#rom279516_45"><font style="color: #0000ee; text-decoration: underline;">Contribution Agreement, dated as of December 14, 2021, by and among Embraer S.A., Embraer Aircraft Holding, Inc. and EVE UAM, LLC </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">DEFM14A</font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Annex J</font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">April 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.13**</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522103837/d279516ddefm14a.htm#rom279516_52"><font style="color: #0000ee; text-decoration: underline;">Form of Strategic Warrant Agreement Number 1, dated as of December 21, 2021 </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">DEFM14A</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Annex P</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">April 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.14**</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522103837/d279516ddefm14a.htm#rom279516_55"><font style="color: #0000ee; text-decoration: underline;">Form of Strategic Warrant Agreement Number 2, dated as of December 21, 2021 </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">DEFM14A</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Annex Q</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">April 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.15**</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522103837/d279516ddefm14a.htm#rom279516_56"><font style="color: #0000ee; text-decoration: underline;">Form of Strategic Warrant Agreement Number 3, dated as of December 21, 2021 </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">DEFM14A</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Annex R</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">April 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 34px;">
<td style="vertical-align: top; height: 34px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.16#&#8224;**</font></p>
</td>
<td style="vertical-align: bottom; height: 34px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522150258/d337083dex1016.htm"><font style="color: #0000ee; text-decoration: underline;">Employment Agreement, dated as of September 14, 2021, by and among Eve Holding, Inc., Embraer Aircraft Holding, Inc., Embraer S.A. (solely with respect to Section 11 thereof) and Gerard J. DeMuro. </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8-K</font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.16</font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">May 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.17**</font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522103837/d279516ddefm14a.htm#rom279516_53"><font style="color: #0000ee; text-decoration: underline;">Form of Subscription Agreement</font><font style="color: #0000ee; text-decoration: underline;">, dated as of December 21, 2021.</font></a> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">DEFM14A</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Annex S</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">April 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.18**</font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522096143/d329182dex991.htm"><font style="color: #0000ff; text-decoration: underline;">Amendment to the Subscription Agreement with Embraer Aircraft Holding, Inc., dated as of April 4, 2022.</font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8-K</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704 </font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">99.1</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">April 4, 2022</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 34px;">
<td style="vertical-align: top; height: 34px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;">10.19**</font></p>
</td>
<td style="vertical-align: bottom; height: 34px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000155485522000492/ex101_1.htm"><font style="color: #0000ee; text-decoration: underline;">Subscription Agreement, dated as September 1, 2022, by and between Eve Holding, Inc. and United Airlines Ventures, Ltd. </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8-K </font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.1</font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">September 8, 2022</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;">10.20**</font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000155485522000492/ex102_2.htm"><font style="color: #0000ee; text-decoration: underline;">Warrant Agreement, dated as September 1, 2022, by and between Eve Holding, Inc. and United Airlines Ventures, Ltd. </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8-K </font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.2</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">September 8, 2022</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.21**</font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522027582/d284297dex101.htm"><font style="color: #0000ff; text-decoration: underline;">Promissory Note, dated as of February 3, 2022, issued to Zanite Sponsor LLC.</font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8-K</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.1</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">February 4, 2022</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; padding: 0px 0px 6px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.22<font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8224;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8224;**</font></font></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px 0px 6px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: top; height: 17px; padding: 0px 0px 6px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; padding-left: 0px; padding-right: 0px; text-indent: 0px; color: #0000ee; font-size: 10pt;"><a style="margin: 0pt;" href="http://www.sec.gov/Archives/edgar/data/1823652/000155485523000036/ex101_1.htm"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="color: #0000ee; text-decoration: underline; font-size: 10pt; font-family: 'times new roman', times; page-break-after: avoid;">L</font></font><font style="color: #0000ee; text-decoration: underline; font-size: 10pt; font-family: 'times new roman', times; page-break-after: avoid;">oan Agreement, dated as of January 23, 2023, by and between EVE Solu&#231;&#245;es de Mobilidade A&#233;rea Urbana, Ltda. and Banco Nacional de Desenvolvimento Econ&#244;mico e Social &#8211; BNDES (English Translation).</font></a></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: top; height: 17px; text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8-K</font></td>
<td style="vertical-align: bottom; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: top; height: 17px; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></td>
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: top; height: 17px; text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.1</font></td>
<td style="vertical-align: bottom; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: top; height: 17px; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">January 30, 2023</font></td>
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><br></td>
<td style="vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 34px;">
<td style="vertical-align: top; height: 34px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">16.1**</font></p>
</td>
<td style="vertical-align: bottom; height: 34px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px; padding: 0px 0px 6px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522150258/d337083dex161.htm"><font style="color: #0000ee; text-decoration: underline;">Letter from PricewaterhouseCoopers LLP to the Securities and Exchange Commission, dated as of May 13, 2022. </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8-K</font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">16.1</font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">May 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 34px;">
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">16.2**</font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522150258/d337083dex162.htm"><font style="color: #0000ee; text-decoration: underline;">Letter from WithumSmith+Brown, PC to the Securities and Exchange Commission, dated as of May 13, 2022. </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8-K</font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">16.2</font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">May 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 34px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 34px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>

</table>
<h5 style="margin: 0px; text-indent: 0px;"><font style="color: #2f5496; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></h5>
<div style="line-height: 1.2; margin: 0px; text-indent: 0px;">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt; margin: 0px; text-indent: 0px;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font class='pageno'>85</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br></div>
</div>
<p style="margin: 0px; text-indent: 0px;"><br></p>
<table style="border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 284px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 17px;">
<td style="vertical-align: middle; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 44.9714%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97547%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 3.02535%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 3.02535%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 44.9714%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; width: 36.9583%;" colspan="10">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Incorporated by reference</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 52px; width: 0.981194%;" rowspan="2">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 52px; width: 6.0507%;" colspan="2" rowspan="2">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Filed or</font><br><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Furnished</font><br><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Herewith</font></p>
</td>
<td style="vertical-align: bottom; height: 52px; width: 0.981194%;" rowspan="2">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 35px;">
<td style="vertical-align: bottom; height: 35px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Exhibit</font></p>
<p style="margin: 0pt 0pt 1pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">No.</font></p>
</td>
<td style="vertical-align: bottom; height: 35px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 35px; width: 44.9714%;">
<p style="margin: 0pt 0pt 1pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Description</font></p>
</td>
<td style="vertical-align: bottom; height: 35px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 35px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Form</font></p>
</td>
<td style="vertical-align: bottom; height: 35px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; height: 35px; width: 8.01308%;" colspan="2">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">File No.</font></p>
</td>
<td style="vertical-align: bottom; height: 35px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 35px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 35px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Exhibit No.</font></p>
</td>
<td style="vertical-align: bottom; height: 35px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; height: 35px; width: 10.9567%;" colspan="2">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Filing Date</font></p>
</td>
<td style="vertical-align: bottom; height: 35px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 45.9526%;" colspan="2">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 8.01308%;" colspan="2">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97547%;" colspan="4">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 8.01308%;" colspan="2">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 12.9191%;" colspan="4">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 8.01309%;" colspan="4">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; padding: 0px 0px 6px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">21.1**</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px 0px 6px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px 0px 6px; width: 44.9714%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000119312522150258/d337083dex211.htm"><font style="color: #0000ee; text-decoration: underline;">List of Subsidiaries </font></a></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8-K</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">001-39704</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">21.1</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97547%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">May 13, 2022</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 3.02535%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 3.02535%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; padding: 0px 0px 6px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">23.1</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px 0px 6px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px 0px 6px; width: 44.9714%;">
<p style="margin: 0pt; page-break-after: avoid;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000155485523000339/ex231_2.htm"><font style="color: #0000ee; font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline;">Consent of KPMG LLP</font></a></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97547%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 3.02535%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 3.02535%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><br></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: top; height: 18px; padding: 0px 0px 6px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-size: 10pt; font-family: 'times new roman', times;">23.2</font></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px 0px 6px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 18px; padding: 0px 0px 6px; width: 44.9714%;">
<p style="margin: 0pt; page-break-after: avoid;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000155485523000339/ex232_3.htm"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="color: #0000ee; text-decoration: underline;">Consent of PricewaterhouseCoopers LLP</font></font></a></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 18px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 18px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 18px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 18px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 18px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 18px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 18px; width: 9.97547%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 18px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 18px; width: 3.02535%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 18px; width: 3.02535%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><br></p>
</td>
<td style="vertical-align: top; height: 18px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; padding: 0px 0px 6px; height: 17px; width: 7.03189%;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;" lang="EN-US">31.1</font></td>
<td style="vertical-align: bottom; padding: 0px 0px 6px; height: 17px; width: 0.981194%;"><br></td>
<td style="vertical-align: top; padding: 0px 0px 6px; height: 17px; width: 44.9714%;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000155485523000339/ex311_4.htm"><font style="font-family: 'times new roman', times;"> <font style="font-size: 10pt; color: #0000ee; text-decoration: underline;" lang="EN-US">Certification of Co-Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Exchange Act, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act.</font></font></a> <br></td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;"><br></td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;"><br></td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;"><br></td>
<td style="vertical-align: top; height: 17px; width: 9.97547%;"><br></td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
<td style="vertical-align: top; height: 17px; width: 3.02535%;"><br></td>
<td style="vertical-align: top; height: 17px; text-align: right; width: 3.02535%;"><br></td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;"><br></td>
</tr>
<tr>
<td style="vertical-align: top; padding: 0px 0px 6px; width: 7.03189%;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;" lang="EN-US">31.2</font></td>
<td style="vertical-align: bottom; padding: 0px 0px 6px; width: 0.981194%;"><br></td>
<td style="vertical-align: top; padding: 0px 0px 6px; width: 44.9714%;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000155485523000339/ex312_5.htm"><font style="font-family: 'times new roman', times;"> <font style="font-size: 10pt; color: #0000ee; text-decoration: underline;" lang="EN-US">Certification of Co-Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Exchange Act, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act.</font></font></a> <br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 7.03189%;"><br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 7.03189%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 7.03189%;"><br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 9.97547%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 3.02535%;"><br></td>
<td style="vertical-align: top; text-align: right; width: 3.02535%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
</tr>
<tr>
<td style="vertical-align: top; padding: 0px 0px 6px; width: 7.03189%;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;" lang="EN-US">31.3</font></td>
<td style="vertical-align: bottom; padding: 0px 0px 6px; width: 0.981194%;"><br></td>
<td style="vertical-align: top; padding: 0px 0px 6px; width: 44.9714%;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000155485523000339/ex313_6.htm"><font style="font-family: 'times new roman', times;"> <font style="font-size: 10pt; color: #0000ee; text-decoration: underline;" lang="EN-US">Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Exchange Act, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act.</font></font></a> <br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 7.03189%;"><br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 7.03189%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 7.03189%;"><br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 9.97547%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 3.02535%;"><br></td>
<td style="vertical-align: top; text-align: right; width: 3.02535%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
</tr>
<tr>
<td style="vertical-align: top; padding: 0px 0px 6px; width: 7.03189%;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;" lang="EN-US">32.1</font></td>
<td style="vertical-align: bottom; padding: 0px 0px 6px; width: 0.981194%;"><br></td>
<td style="vertical-align: top; padding: 0px 0px 6px; width: 44.9714%;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000155485523000339/ex321_7.htm"><font style="font-family: 'times new roman', times;"> <font style="font-size: 10pt; color: #0000ee; text-decoration: underline;" lang="EN-US">Certification of Co-Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act.</font></font></a> <br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 7.03189%;"><br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 7.03189%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 7.03189%;"><br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 9.97547%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 3.02535%;"><br></td>
<td style="vertical-align: top; text-align: right; width: 3.02535%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
</tr>
<tr>
<td style="vertical-align: top; padding: 0px 0px 6px; width: 7.03189%;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;" lang="EN-US">32.2</font></td>
<td style="vertical-align: bottom; padding: 0px 0px 6px; width: 0.981194%;"><br></td>
<td style="vertical-align: top; padding: 0px 0px 6px; width: 44.9714%;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000155485523000339/ex322_8.htm"><font style="font-family: 'times new roman', times;"> <font style="font-size: 10pt; color: #0000ee; text-decoration: underline;" lang="EN-US">Certification of Co-Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act.</font></font></a> <br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 7.03189%;"><br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 7.03189%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 7.03189%;"><br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 9.97547%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 3.02535%;"><br></td>
<td style="vertical-align: top; text-align: right; width: 3.02535%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
</tr>
<tr>
<td style="vertical-align: top; padding: 0px 0px 6px; width: 7.03189%;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;" lang="EN-US">32.3</font></td>
<td style="vertical-align: bottom; padding: 0px 0px 6px; width: 0.981194%;"><br></td>
<td style="vertical-align: top; padding: 0px 0px 6px; width: 44.9714%;"><a href="http://www.sec.gov/Archives/edgar/data/1823652/000155485523000339/ex323_9.htm"><font style="font-family: 'times new roman', times;"> <font style="font-size: 10pt; color: #0000ee; text-decoration: underline;" lang="EN-US">Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act.</font></font></a> <br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 7.03189%;"><br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 7.03189%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 7.03189%;"><br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 9.97547%;"><br></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
<td style="vertical-align: bottom; width: 0.981194%;"><br></td>
<td style="vertical-align: top; width: 3.02535%;"><br></td>
<td style="vertical-align: top; text-align: right; width: 3.02535%;"></td>
<td style="vertical-align: top; width: 0.981194%;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">101.INS</font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 6px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px 0px 6px; width: 44.9714%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because iXBRL tags are embedded within the Inline XBRL document).</font></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 9.97547%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 3.02535%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 3.02535%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">X</font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; padding: 0px 0px 6px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">101.SCH</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px 0px 6px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px 0px 6px; width: 44.9714%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Inline XBRL Taxonomy Extension Schema Document.</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97547%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 3.02535%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 3.02535%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">X</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; padding: 0px 0px 6px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">101.CAL</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px 0px 6px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px 0px 6px; width: 44.9714%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Inline XBRL Taxonomy Extension Calculation Linkbase Document.</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97547%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 3.02535%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 3.02535%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">X</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; padding: 0px 0px 6px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">101.DEF</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px 0px 6px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px 0px 6px; width: 44.9714%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Inline XBRL Taxonomy Extension Definition Linkbase Document.</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97547%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 3.02535%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 3.02535%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">X</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; padding: 0px 0px 6px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">101.LAB</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px 0px 6px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px 0px 6px; width: 44.9714%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Inline XBRL Taxonomy Extension Labels Linkbase Document.</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97547%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 3.02535%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 3.02535%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">X</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; padding: 0px 0px 6px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">101.PRE</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px 0px 6px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px 0px 6px; width: 44.9714%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Inline XBRL Taxonomy Extension Presentation Linkbase Document.</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97547%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 3.02535%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 3.02535%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">X</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">104</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 44.9714%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97547%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 3.02535%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 3.02535%;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">X</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; height: 17px; width: 7.03189%;">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 45.9526%;" colspan="2">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 8.01308%;" colspan="2">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97547%;" colspan="4">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 8.01308%;" colspan="2">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 12.9191%;" colspan="4">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 8.01309%;" colspan="4">
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>

</table>
<table style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="vertical-align: top; width: 4%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8224;</font></p>
</td>
<td style="vertical-align: top;">
<p style="margin: 0pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K.</font></p>
</td>
</tr>
<tr>
<td style="vertical-align: top; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8224;</font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8224;</font></td>
<td style="vertical-align: top;">Portions of this exhibit have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K.<br></td>
</tr>

</table>
<p style="margin: 0pt;"><font style="display: none; font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<table style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="vertical-align: top; width: 4%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">**</font></p>
</td>
<td style="vertical-align: top;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Previously filed. </font></p>
</td>
</tr>

</table>
<p style="margin: 0pt;"><font style="display: none; font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<table style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="vertical-align: top; width: 4%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">#</font></p>
</td>
<td style="vertical-align: top;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Indicates management contract or compensatory plan or arrangement. </font></p>
</td>
</tr>

</table>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; text-align: justify;">&nbsp;</font><br></p>
</div>
</div>
<div style="margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bqqaaww_WN9WELQYM800000000000000000000"><font style="display: inline; font-style: normal; font-weight: bold; text-decoration: none; text-transform: none; vertical-align: baseline; line-height: inherit;">Item 16.</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; </font><font style="font-weight: bold; line-height: inherit;">Form 10-K Summary.</font></a></font></div>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">None.&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<div style="line-height: 1.2; margin: 0px; text-indent: 0px;">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt; margin: 0px; text-indent: 0px;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font class='pageno'>86</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br></div>
</div>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="margin: 0px; break-after: avoid; break-inside: avoid; text-align: center; text-indent: 0px;"><a class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Baabbcc_DS4IXTYBB400000000000000000000"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">SIGNATURES</font></a></div>
<p style="margin: 10pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Pursuant to the requirements of Section</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 40%;"><br></td>
<td style="width: 60%;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: uppercase; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">EVE HOLDING, INC.</font></td>
</tr>

</table>
<p style="margin:0pt"><br></p>
<table style="font-size: 10pt; width: 100%; margin: 0px; font-family: 'times new roman'; text-indent: 0px; height: 27px;">

<tr style="height: 17px;">
<td style="width: 53.655%; height: 17px;"><font style="font-size: 10pt; text-align: justify; font-family: 'Times New Roman';">Date: May 4</font><font style="font-size: 10pt; text-align: justify; font-family: 'Times New Roman';">, 202</font><font style="font-size: 10pt; text-align: justify; font-family: 'Times New Roman';">3</font></td>
<td style="border-bottom: 1pt solid #000000; width: 32.2322%; height: 17px;"><font style="font-size: 10pt; text-align: justify; font-family: 'Times New Roman';">&nbsp;</font><font style="font-size: 10pt; text-align: justify; font-family: 'Times New Roman';">/s/</font><font style="font-size: 10pt; text-align: justify; font-family: 'Times New Roman';"> Ger</font><font style="font-size: 10pt; text-align: justify; font-family: 'Times New Roman';">ard</font><font style="font-size: 10pt; text-align: justify; font-family: 'Times New Roman';"> J.</font><font style="font-size: 10pt; text-align: justify; font-family: 'Times New Roman';">DeMuro</font><font style="font-size: 10pt; text-align: justify; font-family: 'Times New Roman';">&nbsp;</font></td>
<td style="width: 14.1128%; height: 17px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="width: 53.655%; height: 10px;"><br></td>
<td style="width: 32.2322%; height: 10px;">
<p style="margin: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'Times New Roman';">By:</font><font style="font-size: 10pt; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-size: 10pt; font-family: 'Times New Roman';">Gerard J.&nbsp;</font><font style="font-size: 10pt; font-family: 'Times New Roman';">DeMuro</font></p>
<p style="margin: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Title:<font style="font-size: 10pt; font-style: italic;">&nbsp;</font>Co-Chief Executive Officer<br></font></p>
</td>
<td style="width: 14.1128%; height: 10px;"><br></td>
</tr>

</table>
</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 10pt 0pt; page-break-after: avoid; text-align: justify;"><br></p>
<p style="margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font class="pageno" style="font-size: 10pt;"><font class='pageno'>87</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr></div>
<p style="margin: 0px; text-align: center; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
