<SEC-DOCUMENT>0001095651-22-000019.txt : 20220923
<SEC-HEADER>0001095651-22-000019.hdr.sgml : 20220923
<ACCEPTANCE-DATETIME>20220810135928
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001095651-22-000019
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220810

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ISTAR INC.
		CENTRAL INDEX KEY:			0001095651
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				956881527
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1114 AVENUE OF THE AMERICAS
		STREET 2:		39TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		2129309400

	MAIL ADDRESS:	
		STREET 1:		1114 AVENUE OF THE AMERICAS
		STREET 2:		39TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ISTAR FINANCIAL INC
		DATE OF NAME CHANGE:	20000501

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STARWOOD FINANCIAL INC
		DATE OF NAME CHANGE:	19990923
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.14.0.96--><!--Created on: 8/10/2022 04:51:46 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:8.09%;padding-right:6.62%;position:relative;"><div style="margin-top:21.6pt;width:100%;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;margin:24pt 0pt 24pt 0pt;"><img src="tmb-20220810xcorresp002.jpg" alt="Circle&#10;&#10;Description automatically generated" style="display:inline-block;height:49.68pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:48.96pt;"></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;padding-left:360pt;text-indent:-360pt;margin:12pt 0pt 12pt 0pt;">August 10, 2022</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="font-size:10pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Jennifer Monick, Assistant Chief Accountant</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Peter McPhun, Staff Accountant</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">United States Securities and Exchange Commission</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Division of Corporation Finance</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Office of Real Estate and Construction</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">100 F Street, NE</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Washington, D.C. 20549</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="font-size:10pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;"><b style="font-size:10pt;font-weight:bold;">Re:</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;"><b style="font-size:10pt;font-weight:bold;">iStar Inc.</b><b style="font-size:10pt;font-weight:bold;"><br></b><b style="font-size:10pt;font-weight:bold;">Form 10-K for the Fiscal Year Ended December 31, 2021</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 0pt 72pt;"><b style="font-weight:bold;">Filed February 25, 2022</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 0pt 72pt;"><b style="font-weight:bold;">Form 8-K filed May 3, 2022</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 72pt;"><b style="font-weight:bold;">File No. 001-15371</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;">Dear Ms. Monick and Mr. McPhun:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">On behalf of iStar Inc. (the &#8220;Company&#8221; or &#8220;we&#8221;), set forth below is the Company&#39;s response to the comments of the Staff of the Securities and Exchange Commission (the &quot;Staff&quot;) on the Company&#39;s Form 10-K for the Fiscal Year Ended December 31, 2021 (the &quot;Form 10-K&quot;) and the Company&#8217;s Form 8-K filed on May 3, 2022 (the &#8220;Form 8-K&#8221;), as set forth in the Staff&#39;s letter dated August 1, 2022 (the &#8220;August 1 Letter&#8221;). For the convenience of the Staff, the comment from the August 1 Letter is stated in italics prior to the Company&#8217;s response to such comment. &#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Form 10-K for the Fiscal Year Ended December 31, 2021</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Notes to Consolidated Financial Statements</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Note 8 &#8211; Other Investments</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Summarized investee financial information, page 81</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:justify;margin:0pt;"><font style="font-size:10pt;margin-bottom:12pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">1.</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">We note your response to our prior comment 1. We are unable to agree with your proposal to file the audited SAFE financial statements in a Form 8-K. Please file the audited SAFE financial statements in an amendment to your Form 10-K.</i></td></tr></table><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;text-align:justify;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Company notes the Staff&#8217;s comment and confirms that it will file the audited SAFE financial statements in an amendment to its Form 10-K as promptly as practicable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Form 8-K filed May 3, 2022</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Exhibit 99.2</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Pro Forma Supplemental Financial Data, page 22</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:justify;margin:0pt;"><font style="font-size:10pt;margin-bottom:12pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">2.</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">We note your response to comment 2, please address the following:</i></td></tr></table><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;text-align:justify;margin:0pt 0pt 0pt 36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;line-height:1.37;margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:49.5pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:13.5pt;padding:0pt;">&#8226;</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">Please tell us if you expect to continue to present supplemental information in future earnings presentations for the closing of this specific net lease transaction and payments to the iPIP holders as a result of the transaction. </i></td></tr></table><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;margin:0pt 0pt 0pt 63pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;line-height:1.37;margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 0pt 63pt;"><font style="font-family:'Times New Roman','Times','serif';">The Company does not intend to file supplemental information in future earnings presentations for the net lease transaction and payments to iPIP holders as a result of the net lease transaction. Substantially all of the remaining activity resulting from the net lease transaction is included in our unaudited financial statements as of and for the quarter ended June 30, 2022 filed with our Quarterly Report on Form 10-Q.</font></p></div><div style="clear:both;display:table;margin-bottom:21.6pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:16.35pt;left:1.6%;margin-top:5.55pt;max-width:98.4%;position:relative;top:0pt;width:496.05pt;z-index:251658240;"><div style="height:16.35pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:496.05pt;"></div></div><p style="color:#5d5b58;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:8pt;line-height:12pt;margin:0pt;">1114 Avenue of the Americas</p><p style="color:#5d5b58;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:8pt;line-height:12pt;margin:0pt;">New York, NY 10036<br>T 212.930.9400<br>www.istar.com</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.09%;margin-right:6.62%;margin-top:30pt;page-break-after:always;width:85.29%;border-width:0;"><div style="max-width:100%;padding-left:8.09%;padding-right:6.62%;position:relative;"><div style="margin-top:21.6pt;width:100%;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;margin:24pt 0pt 24pt 0pt;"><img src="tmb-20220810xcorresp002.jpg" alt="Circle&#10;&#10;Description automatically generated" style="display:inline-block;height:49.5pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:48.75pt;"></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;text-align:justify;margin:0pt 0pt 0pt 63pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;line-height:1.37;margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:49.7pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:13.7pt;padding:0pt;">&#8226;</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">Please clarify if your adjustment for other potential iPIP payments that fluctuate primarily based on changes in SAFE&#39;s stock price is something you will continue to disclose in future earnings presentations. </i></td></tr></table><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;text-align:justify;margin:0pt 0pt 0pt 63.4pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;line-height:1.37;margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 0pt 63.4pt;"><font style="font-family:'Times New Roman','Times','serif';">The Company believes that presenting the iPIP adjustment is useful supplemental information for investors in order to keep them apprised of the Company&#39;s potential future distribution obligations under the iPIP program. &#160;With the closing of the net lease transaction, the Company&#39;s investments in SAFE are the principal material assets in certain of the Company&#8217;s iPIP Plans and changes in SAFE&#8217;s stock price have a material impact on the Company&#8217;s potential iPIP payments. As discussed further below, the Company will enhance its disclosure in future public earnings presentations to clarify the nature of the adjustment.</font></p><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;text-align:justify;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:49.5pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:13.5pt;padding:0pt;">&#8226;</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">To the extent you will adjust for other potential iPIP payment in future earnings presentations, please tell us and revise your disclosure to clarify the nature of this adjustment. </i></td></tr></table><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;text-align:justify;margin:0pt 0pt 0pt 63pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;line-height:1.37;margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 0pt 63.4pt;"><font style="font-family:'Times New Roman','Times','serif';">The Company will enhance its disclosure in its future earnings presentations to clarify the nature of this adjustment. &#160;A form of the enhanced disclosure is attached as Annex A.</font>&#160;</p><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;text-align:justify;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:49.5pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:13.5pt;padding:0pt;">&#8226;</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">Your response did not appear to address the adjustments for the SAFE MTM adjustment, we further note that it appears you have presented the SAFE MTM adjustments in prior earnings presentations that preceded the net lease transaction. Please tell us if you expect to reflect the SAFE MTM adjustment in future earnings presentations. </i></td></tr></table><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;text-align:justify;margin:0pt 0pt 0pt 63pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;line-height:1.37;margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 0pt 63pt;"><font style="font-family:'Times New Roman','Times','serif';">The Company believes that presenting certain financial information based on the Company&#39;s assets on an adjusted basis to reflect the market value of its investment in SAFE is useful information given the materiality of the investment to the Company. The Company does not adjust its earnings results for SAFE&#39;s market value and has generally tried to ensure that it identifies the MTM adjustment when used and to disclose its calculation. In light of the Staff&#39;s comment, the Company will further enhance this disclosure going forward, as discussed in the next response. </font></p><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0pt 0pt 0pt 36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:49.5pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:13.5pt;padding:0pt;">&#8226;</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">To the extent you expect to reflect the SAFE MTM adjustment in future earnings presentations, please enhance your disclosures to include balancing disclosure regarding the share price of SAFE MTM. In this regard, your disclosure should address, but not be limited to, that you own 64.7% of SAFE&#39;s common stock outstanding as of March 31, 2022 and given your substantial interest that you may not be able to liquidate your investment at the closing price of $43.05 from April 29, 2022. </i></td></tr></table><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;text-align:justify;margin:0pt 0pt 0pt 63pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;line-height:1.37;margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 0pt 63.4pt;"><font style="font-family:'Times New Roman','Times','serif';">The Company will enhance its disclosure of the SAFE MTM adjustment in its future earnings presentations to state that, in light of the Company&#8217;s significant ownership interest in SAFE, there can be no assurance that the Company would be able to liquidate its investment at the price used to calculate the adjustment or at the market price on any other day, as well as any other information that the Company believes is useful to improve the disclosure for investors.</font>&#160;</p><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;text-align:justify;margin:0pt 0pt 10pt 36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:justify;margin:0pt 0pt 10pt 36pt;"><font style="font-family:'Times New Roman','Times','serif';">We trust we have been responsive to the Staff&#39;s comment. If you have any questions, please do not hesitate to contact me at&#160;(212) 930-9498.</font></p><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 252pt;"><font style="font-family:'Times New Roman','Times','serif';">Sincerely,</font></p><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;margin:0pt 0pt 0pt 252pt;"><font style="font-family:'Times New Roman','Times','serif';">/s/ Brett Asnas</font></p><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 252pt;"><i style="font-family:'Times New Roman','Times','serif';font-style:italic;">Chief Financial Officer</i></p></div><div style="clear:both;display:table;margin-bottom:21.6pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;">2</font></p><p style="color:#0000ff;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:8pt;line-height:12pt;margin:0pt;"><font style="color:#5d5b58;font-size:12pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.09%;margin-right:6.62%;margin-top:30pt;page-break-after:always;width:85.29%;border-width:0;"><div style="max-width:100%;padding-left:8.12%;padding-right:6.58%;position:relative;"><div style="margin-top:21.6pt;width:100%;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;margin:24pt 0pt 24pt 0pt;"><img src="tmb-20220810xcorresp002.jpg" alt="Circle&#10;&#10;Description automatically generated" style="display:inline-block;height:49.68pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:48.96pt;"></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;text-align:center;margin:0pt 0pt 10pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:16pt;font-weight:bold;">Annex A</b></p><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="color:#0000ff;font-size:16pt;letter-spacing:-0.4pt;vertical-align:super;">Supplemental</font><font style="color:#0000ff;font-size:16pt;letter-spacing:-0.4pt;vertical-align:super;"> </font><font style="color:#0000ff;font-size:16pt;letter-spacing:-0.4pt;vertical-align:super;">iPIP</font><font style="color:#0000ff;font-size:16pt;letter-spacing:-0.4pt;vertical-align:super;"> </font><font style="color:#0000ff;font-size:16pt;letter-spacing:-0.4pt;vertical-align:super;">Information</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:39.27%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:10.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:30.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.27%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:39.27%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:10pt;font-weight:bold;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.28%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:center;margin:0.05pt 0pt 0.05pt 0pt;"><b style="color:#0000ff;font-weight:bold;">June</b><b style="color:#0000ff;font-weight:bold;"> </b><b style="color:#0000ff;font-weight:bold;">30,</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.12%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:30.2%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.83%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.27%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:39.27%;border-bottom:1.5pt solid #b2b3bd;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:10pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.28%;border-bottom:1.5pt solid #b2b3bd;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:center;margin:0.05pt 0pt 0.05pt 0pt;"><b style="color:#0000ff;font-weight:bold;">2022</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.12%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td colspan="3" style="vertical-align:bottom;width:46.31%;border-bottom:1.5pt solid #b2b3bd;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">&#160;<b style="color:#0000ff;font-weight:bold;">Sensitivity</b><b style="color:#0000ff;font-weight:bold;"> </b><b style="color:#0000ff;font-weight:bold;">analysis</b></p></td></tr><tr><td style="vertical-align:bottom;width:39.27%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Total Equity</p></td><td style="vertical-align:bottom;width:10.28%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3.6pt 0.05pt 0pt;">$1,630,864 </p></td><td style="vertical-align:middle;white-space:nowrap;width:4.12%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:30.2%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="color:#262626;">Change</font><font style="color:#262626;"> </font><font style="color:#262626;">in</font><font style="color:#262626;"> </font><font style="color:#262626;">price</font><font style="color:#262626;"> </font><font style="color:#262626;">of</font><font style="color:#262626;"> </font><font style="color:#262626;">SAFE</font><font style="color:#262626;"> </font><font style="color:#262626;">common</font><font style="color:#262626;"> </font><font style="color:#262626;">stock</font></p></td><td style="vertical-align:middle;width:7.83%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3.6pt 0.05pt 0pt;"><font style="color:#262626;">+$10</font></p></td><td style="vertical-align:middle;width:8.27%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 0pt 0.05pt 0pt;"><font style="color:#262626;">-$10</font></p></td></tr><tr><td style="vertical-align:bottom;width:39.27%;background:#f1f1f2;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Less: Non controlling interests </p></td><td style="vertical-align:bottom;width:10.28%;background:#f1f1f2;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 0pt 0.05pt 0pt;"> (16,287)</p></td><td style="vertical-align:middle;white-space:nowrap;width:4.12%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:30.2%;background:#f1f1f2;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:7.83%;background:#f1f1f2;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;text-align:right;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.27%;background:#f1f1f2;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;text-align:right;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:39.27%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Less: Preferred equity</p></td><td style="vertical-align:bottom;width:10.28%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 0pt 0.05pt 0pt;"> (305,000)</p></td><td style="vertical-align:middle;white-space:nowrap;width:4.12%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:30.2%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="color:#262626;">Change</font><font style="color:#262626;"> </font><font style="color:#262626;">in</font><font style="color:#262626;"> </font><font style="color:#262626;">incremental</font><font style="color:#262626;"> </font><font style="color:#262626;">iPIP</font><font style="color:#262626;"> </font><font style="color:#262626;">amount</font></p></td><td style="vertical-align:middle;width:7.83%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 0pt 0.05pt 0pt;"><font style="color:#262626;"> </font><font style="color:#262626;">(61,244)</font></p></td><td style="vertical-align:middle;width:8.27%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3.6pt 0.05pt 0pt;"><font style="color:#262626;"> </font><font style="color:#262626;">61,244</font></p></td></tr><tr><td style="vertical-align:bottom;width:39.27%;background:#f1f1f2;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><b style="color:#0000ff;font-weight:bold;">Total</b><b style="color:#0000ff;font-weight:bold;"> </b><b style="color:#0000ff;font-weight:bold;">Common</b><b style="color:#0000ff;font-weight:bold;"> </b><b style="color:#0000ff;font-weight:bold;">Equity</b></p></td><td style="vertical-align:bottom;width:10.28%;background:#f1f1f2;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3.6pt 0.05pt 0pt;"><b style="color:#0000ff;font-weight:bold;"> </b><b style="color:#0000ff;font-weight:bold;">1,309,577</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:4.12%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:30.2%;background:#f1f1f2;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="color:#262626;">Change</font><font style="color:#262626;"> </font><font style="color:#262626;">in</font><font style="color:#262626;"> </font><font style="color:#262626;">SAFE</font><font style="color:#262626;"> </font><font style="color:#262626;">mark-to-market</font><font style="color:#262626;"> </font><font style="color:#262626;">adj.</font></p></td><td style="vertical-align:middle;width:7.83%;background:#f1f1f2;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3.6pt 0.05pt 0pt;"><font style="color:#262626;"> </font><font style="color:#262626;">401,460</font></p></td><td style="vertical-align:middle;width:8.27%;background:#f1f1f2;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 0pt 0.05pt 0pt;"><font style="color:#262626;"> </font><font style="color:#262626;">(401,460)</font></p></td></tr><tr><td style="vertical-align:bottom;width:39.27%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:8pt;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:10pt;">Add:</font><font style="font-size:10pt;"> </font><font style="font-size:10pt;">SAFE</font><font style="font-size:10pt;"> </font><font style="font-size:10pt;">mark-to-market</font><font style="font-size:10pt;"> </font><font style="font-size:10pt;">adjustment</font><sup style="font-size:6pt;vertical-align:top;"> </sup><sup style="font-size:6pt;vertical-align:top;">(1)</sup></p></td><td style="vertical-align:bottom;width:10.28%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3.6pt 0.05pt 0pt;"> 237,992</p></td><td style="vertical-align:middle;white-space:nowrap;width:4.12%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:30.2%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="color:#262626;">Change</font><font style="color:#262626;"> </font><font style="color:#262626;">in</font><font style="color:#262626;"> </font><font style="color:#262626;">total</font><font style="color:#262626;"> </font><font style="color:#262626;">common</font><font style="color:#262626;"> </font><font style="color:#262626;">equity</font><font style="color:#262626;"> </font><font style="color:#262626;">(as</font><font style="color:#262626;"> </font><font style="color:#262626;">adjusted)</font></p></td><td style="vertical-align:middle;width:7.83%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3.6pt 0.05pt 0pt;"><font style="color:#262626;"> </font><font style="color:#262626;">340,215</font></p></td><td style="vertical-align:middle;width:8.27%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 0pt 0.05pt 0pt;"><font style="color:#262626;"> </font><font style="color:#262626;">(340,215)</font></p></td></tr><tr><td style="vertical-align:bottom;width:39.27%;background:#f1f1f2;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:8pt;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:10pt;">Less:</font><font style="font-size:10pt;"> </font><font style="font-size:10pt;">Incremental</font><font style="font-size:10pt;"> </font><font style="font-size:10pt;">iPIP</font><font style="font-size:10pt;"> </font><font style="font-size:10pt;">amount</font><sup style="font-size:6pt;vertical-align:top;"> </sup><sup style="font-size:6pt;vertical-align:top;">(2)</sup></p></td><td style="vertical-align:bottom;width:10.28%;background:#f1f1f2;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 0pt 0.05pt 0pt;"> (106,833)</p></td><td style="vertical-align:middle;white-space:nowrap;width:4.12%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:30.2%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:7.83%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:8.27%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:39.27%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><b style="color:#0000ff;font-weight:bold;">Total</b><b style="color:#0000ff;font-weight:bold;"> </b><b style="color:#0000ff;font-weight:bold;">Common</b><b style="color:#0000ff;font-weight:bold;"> </b><b style="color:#0000ff;font-weight:bold;">Equity</b><b style="color:#0000ff;font-weight:bold;"> </b><b style="color:#0000ff;font-weight:bold;">(as</b><b style="color:#0000ff;font-weight:bold;"> </b><b style="color:#0000ff;font-weight:bold;">adjusted)</b></p></td><td style="vertical-align:bottom;width:10.28%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3.6pt 0.05pt 0pt;"><b style="color:#0000ff;font-weight:bold;"> </b><b style="color:#0000ff;font-weight:bold;">1,440,735</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:4.12%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:30.2%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:7.83%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:8.27%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:39.27%;background:#f1f1f2;border-bottom:1.5pt solid #a7a8b3;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:8pt;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:10pt;">Shares</font><font style="font-size:10pt;"> </font><font style="font-size:10pt;">Outstanding</font><sup style="font-size:6pt;vertical-align:top;"> </sup><sup style="font-size:6pt;vertical-align:top;">(3)</sup></p></td><td style="vertical-align:bottom;width:10.28%;background:#f1f1f2;border-bottom:1.5pt solid #a7a8b3;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3.6pt 0.05pt 0pt;"> 84,705</p></td><td style="vertical-align:middle;white-space:nowrap;width:4.12%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:30.2%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:7.83%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:8.27%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:39.27%;border-bottom:1.5pt solid #a7a8b3;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><b style="color:#0000ff;font-weight:bold;">Common</b><b style="color:#0000ff;font-weight:bold;"> </b><b style="color:#0000ff;font-weight:bold;">Equity</b><b style="color:#0000ff;font-weight:bold;"> </b><b style="color:#0000ff;font-weight:bold;">per</b><b style="color:#0000ff;font-weight:bold;"> </b><b style="color:#0000ff;font-weight:bold;">share</b><b style="color:#0000ff;font-weight:bold;"> </b><b style="color:#0000ff;font-weight:bold;">(as</b><b style="color:#0000ff;font-weight:bold;"> </b><b style="color:#0000ff;font-weight:bold;">adjusted)</b></p></td><td style="vertical-align:bottom;width:10.28%;border-bottom:1.5pt solid #a7a8b3;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3.6pt 0.05pt 0pt;"><b style="color:#0000ff;font-weight:bold;">$17.01</b><b style="color:#0000ff;font-weight:bold;"> </b></p></td><td style="vertical-align:middle;white-space:nowrap;width:4.12%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:30.2%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:7.83%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:8.27%;margin:0pt;padding:0pt;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:justify;text-indent:18pt;margin:0pt 0pt 10pt 0pt;"><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">The</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">presentation</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">above</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">includes</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">non-GAAP</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">financial</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">measures.</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">It</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">should</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">be</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">read</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">in</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">conjunction</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">with</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Company&#39;s</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">audited</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">financial</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">statements</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">and</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">other</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">information</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">included</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">in</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Company&#39;s</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Annual</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Report</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">on</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Form</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">10-K</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">for</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">year</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">ended</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">December</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">31,</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">2021</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">and</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">its</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">unaudited</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">financial</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">statements</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">in</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">its</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Quarterly</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Report</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">on</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Form</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">10-Q</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">for</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">quarter</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">ended</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">June</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">30,</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">2022.</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">The</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">supplemental</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">presentation</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">is</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">not</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">intended</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">to</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">replace</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">GAAP</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">financial</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">statements.</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">It</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">is</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">intended</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">to</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">be</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">supplemental</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">information</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">to</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">provide</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">investors</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">in</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Company&#39;s</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">securities</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">with</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">additional</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">information</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">about</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Company&#39;s</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">financial</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">position.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:justify;text-indent:18pt;margin:0pt 0pt 10pt 0pt;"><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Under</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">iPIP</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">program,</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">participants</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">who</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">hold</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">vested</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">interests</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">are</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">entitled</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">to</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">receive</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">20%</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">disposition</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">(or</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">deemed</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">disposition)</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">proceeds</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Company</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">assets,</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">if</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Company</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">has</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">received</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">a</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">specified</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">minimum</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">return</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">and</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">only</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">if</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Company</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">has</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">achieved</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">a</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">minimum</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">total</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">stockholder</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">return.&#160;If</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Company&#39;s</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">shares</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">SAFE</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">common</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">stock</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">are</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">last</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">material</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">asset</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">in</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">an</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">iPIP</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">pool,</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Company</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">may</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">elect</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">not</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">to</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">sell</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">shares</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">and</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">in</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">lieu</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">thereof</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">to</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">distribute</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">a</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">portion</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">shares</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">to</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">iPIP</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">participants</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">having</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">a</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">value</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">based</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">on</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">cash</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">proceeds</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">that</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">would</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">have</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">been</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">received</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">by</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Company</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">from</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">an</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">actual</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">sale</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">SAFE</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">shares,</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">provided</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">that</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">relevant</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">performance</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">and</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">total</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">stockholder</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">return</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">hurdles</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">are</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">satisfied.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.19;text-align:justify;text-indent:18pt;margin:0pt 0pt 10pt 0pt;"><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">There</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">can</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">be</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">no</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">assurance</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">that</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">actual</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">market</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">prices</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">SAFE</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">common</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">stock</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">or</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">other</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Company</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">assets</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">in</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">future</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">will</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">align</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">with</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">assumptions</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">used</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">to</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">prepare</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">supplemental</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">presentation.</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">The</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Company</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">owns</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">40.1m</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">shares</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">SAFE,</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">representing</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">64.7%</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">SAFE&#8217;s</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">shares</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">outstanding.</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Given</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">substantial</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">interest,</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Company</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">may</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">not</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">be</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">able</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">to</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">liquidate</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">its</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">investment</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">at</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">closing</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">price</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">$40.95</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">from</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">August</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">2,</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">2022</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">or</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">on</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">any</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">other</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">day.</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">The</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">sensitivity</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">analysis</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">shown</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">above</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">is</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">intended</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">to</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">give</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">readers</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">a</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">sense</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">how</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">potential</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">iPIP</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">distributions</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">may</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">change</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">as</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">market</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">price</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">SAFE</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">common</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">stock</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">changes</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">because</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">shares</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">SAFE</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">common</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">stock</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">owned</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">by</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">iStar</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">are</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">largest</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">asset</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">in</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">iPIP</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">plans.</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">It</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">is</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">not</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">intended</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">to</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">be</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">a</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">prediction</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">what</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">actual</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">iPIP</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">distributions</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">may</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">be.</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">There</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">are</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">factors</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">in</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">addition</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">to</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">market</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">price</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">SAFE</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">common</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">stock</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">that</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">will</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">affect</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">potential</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">iPIP</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">distributions</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">that</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">are</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">not</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">taken</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">into</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">account</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">in</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">sensitivity</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">analysis,</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">including,</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">without</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">limitation,</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">changes</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">in</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">market</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">price</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">iStar</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">common</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">stock</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">and</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">performance</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">other</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">assets</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">in</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">iPIP</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">plans.</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">For</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">additional</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">information</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">about</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">iPIP</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">program,</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">please</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">read</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">company&#39;s</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">definitive</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Proxy</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Statement</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">for</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">its</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">2021</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">annual</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">meeting</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">filed</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">with</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">SEC</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">on</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">April</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">2,</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">2021,</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">and</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">definitive</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Proxy</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Statement</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">for</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">2022</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">annual</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">meeting</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">filed</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">with</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">SEC</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">on</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">April</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">1,</font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#404040;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">2022.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt;"><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Note:</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">$</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">in</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">thousands.</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Figures</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">in</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">this</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">table</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">may</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">not</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">foot</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">due</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">to</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">rounding.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt;"><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">(1)</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Market</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">value</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">iStar&#8217;s</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">investment</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">in</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Safehold</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">is</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">$1,644m,</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">calculated</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">as</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">iStar&#8217;s</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">ownership</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">40.1m</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">shares</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">SAFE</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">at</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">August</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">2,</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">2022</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">closing</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">stock</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">price</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">$40.95.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt;"><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">(2)</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Represents</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">an</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">estimate</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">for</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">value</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">total</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">potential</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">iPIP</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">distribution</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">less</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">amounts</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">already</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">accrued</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">for</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">as</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">June</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">30,</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">2022,</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">assuming</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">SAFE</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">is</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">valued</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">at</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">a</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">price</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">$40.95</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">per</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">share</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">and</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Company&#39;s</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">other</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">assets</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">perform</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">with</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">current</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">underwriting</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">expectations.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.19;margin:0pt;"><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">(3)</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Presented</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">diluted</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">for</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">2022</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">3.125%</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">convertible</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">notes</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">which</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">were</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">&#8220;in</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">money&#8221;</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">on</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">June</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">30,</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">2022</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">based</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">on</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">their</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">current</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">conversion</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">ratio</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">72.8554</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">shares</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">per</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">$1,000</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">principal,</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">which</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">represents</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">a</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">conversion</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">price</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">of</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">$13.73</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">per</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">share</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">using</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">the</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">Q2</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">&#8216;22</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">average</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">closing</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">stock</font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';"> </font><font style="color:#808080;font-family:'F37 Ginger Light','arial','calibri','sans-serif';">price.</font></p></div><div style="clear:both;margin-bottom:21.6pt;width:100%;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:8.12%;margin-right:6.58%;margin-top:30pt;page-break-after:avoid;width:85.29%;border-width:0;"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tmb-20220810xcorresp002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tmb-20220810xcorresp002.jpg
M_]C_X  02D9)1@ ! @   0 !  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P  1" !" $$# 2(  A$! Q$!_\0
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;^4VMI''CG/&T#OS6Q1120!1113 **** /__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
